{"id":65177,"date":"2019-11-05T08:18:29","date_gmt":"2019-11-05T13:18:29","guid":{"rendered":"https:\/\/currencylive.com\/?p=65177"},"modified":"2019-11-05T08:18:29","modified_gmt":"2019-11-05T13:18:29","slug":"101409-gbp-inr-looking-to-rebound-amid-indias-slowing-services-activity","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101409-gbp-inr-looking-to-rebound-amid-indias-slowing-services-activity\/","title":{"rendered":"GBP\/INR Looking to Rebound Amid India\u2019s Slowing Services Activity"},"content":{"rendered":"<p>GBP\/INR has continued its downtrend decline on Tuesday but at a slower pace compared to last Friday. The Indian rupee was strengthening its position against the pound. Investors are buying more Indian equities amid increased hope that the US and China will sign an interim trade deal.<\/p>\n<p>The pair has declined by 0.05% so far, trading at 91.132 as of 06:19 AM UTC. However, the rupee is still under pressure amid India\u2019s economic slowdown.<\/p>\n<h2>India\u2019s Services Activity Down in October<\/h2>\n<p>The pound might try to rebound against the rupee as India just reported disappointing data for its services sector. In October, India\u2019s services industry contracted for the second straight month on weakening demand.<\/p>\n<p>Earlier today, Nikkei and IHS Markit said that India\u2019s services purchasing managers\u2019 index (PMI) increased to 49.2 in October. This was from 48.7 in September, pointing to a worsening contraction. The last time when services activity was below 50 points for two consecutive months was two years ago. This happened after the adoption of a Goods and Services Tax.<\/p>\n<p>The sub-index that monitors demand showed that new business grew only slightly in October.<\/p>\n<p>Recently, India saw a slowdown in its manufacturing sector as well. Consequently, the composite index, which tracks both services and manufacturing industries, tumbled to the lowest level in two years at 49.6. This is further evidence that Asia\u2019s third-largest economy has serious problems to address before the recession gets even more severe.<\/p>\n<p>Pollyanna De Lima, principal economist at IHS Markit, <a href=\"https:\/\/www.reuters.com\/article\/india-economy-pmi-services\/indias-oct-services-activity-contracts-for-second-straight-month-idUSZRNWSPR00\">said<\/a>:<\/p>\n<p><em>\u201cIt&#8217;s somewhat worrying to see the Indian service sector stuck in contraction, as firms react to muted demand by lowering business activity. Perhaps even more concerning was the downward revision to future expectations, given the possible detrimental impact of subdued business confidence on investment and jobs.\u201d<\/em><\/p>\n<p>Perhaps GBP would have taken the lead by now, but the currency is under pressure itself. The British Retail Consortium (BRC) reported that retail spending rose only 0.6% year-on-year in October. Although it showed a 1.3% increase in the same period last year.<\/p>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>GBP\/INR has continued its downtrend decline on Tuesday but at a slower pace compared to last Friday. The Indian rupee was strengthening its position against the pound. Investors are buying more Indian equities amid increased hope that the US and China will sign an interim trade deal. The pair has declined by 0.05% so far, [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":4754,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1789,1394,1768,1790,1666,1788,1767],"class_list":{"0":"post-65177","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-british-retail-consortium","10":"tag-gbp","11":"tag-ihs-markit","12":"tag-indian-manufacturing","13":"tag-inr","14":"tag-nikkei","15":"tag-pollyanna-de-lima"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/INR Looking to Rebound Amid India\u2019s Slowing Services Activity - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101409-gbp-inr-looking-to-rebound-amid-indias-slowing-services-activity\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101409-gbp-inr-looking-to-rebound-amid-indias-slowing-services-activity\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101409-gbp-inr-looking-to-rebound-amid-indias-slowing-services-activity\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/INR Looking to Rebound Amid India\u2019s Slowing Services Activity\",\"datePublished\":\"2019-11-05T13:18:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101409-gbp-inr-looking-to-rebound-amid-indias-slowing-services-activity\\\/\"},\"wordCount\":590,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101409-gbp-inr-looking-to-rebound-amid-indias-slowing-services-activity\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100581-gbp-eur-eu-economic-data.jpg\",\"keywords\":[\"British Retail Consortium\",\"gbp\",\"IHS Markit\",\"indian manufacturing\",\"inr\",\"Nikkei\",\"Pollyanna de Lima\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101409-gbp-inr-looking-to-rebound-amid-indias-slowing-services-activity\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101409-gbp-inr-looking-to-rebound-amid-indias-slowing-services-activity\\\/\",\"name\":\"GBP\\\/INR Looking to Rebound Amid India\u2019s Slowing Services Activity - 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