{"id":84233,"date":"2019-12-27T03:54:05","date_gmt":"2019-12-27T08:54:05","guid":{"rendered":"https:\/\/currencylive.com\/?p=84233"},"modified":"2019-12-27T04:31:35","modified_gmt":"2019-12-27T09:31:35","slug":"101895-gbp-inr-rupee-is-down-as-surging-oil-prices-trouble-indian-importers","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101895-gbp-inr-rupee-is-down-as-surging-oil-prices-trouble-indian-importers\/","title":{"rendered":"GBP\/INR: Rupee is Down as Surging Oil Prices Trouble Indian Importers"},"content":{"rendered":"

GBP\/INR<\/a> is surging in early trading on Friday, extending the bullish trend that took off late on Monday. Currently, the pair is trading at 92.945, up 0.35% as of 7:00 AM UTC. The price has increased over 0.90% since late Monday, though a steep decline early on Monday cut the weekly gain figure.<\/p>\n

The rupee\u2019s decline comes amid increased optimism around the trade deal between the US and China. As a rule, US-China trade hopes are a good signal for the Indian currency, given that Asia\u2019s third-largest economy relies on trade. However, at this time, things are a bit different, as the trade optimism has also contributed to an increase in the US dollar and surging oil prices, which hit Indian importers.<\/p>\n

V K Sharma, head of PCG & Capital Market Strategy, explained<\/a>:<\/p>\n

\u201cIndian rupee depreciates on month-end dollar demand from importers. Rupee fell [\u2026] amid higher crude and stronger dollar against Asian currencies. Globally, the trading volumes remained light on back of year-end holidays.\u201d<\/em><\/p>\n

Sharma added that the rupee might continue the bearish rhetoric next week on year-end adjustments by foreign institutions.<\/p>\n

On Tuesday, US President Donald Trump said that he and Chinese counterpart Xi Jinping would participate in a signing ceremony to ink the phase one trade deal, which is about to end the 17-month trade war between the world\u2019s two largest economies. He told<\/a> the press:<\/p>\n

\u201cWe will be having a signing ceremony, yes. We will ultimately, yes, when we get together. And we\u2019ll be having a quicker signing because we want to get it done. The deal is done, it\u2019s just being translated right now.\u201d<\/em><\/p>\n

On Wednesday, Chinese Foreign Ministry representative Geng Shuang confirmed Trump\u2019s statement, saying that both countries were in close communication.<\/p>\n

The pound might have reacted positively on a report published by British think tank Resolution Foundation, according to which real wages in the UK would increase early next year to highest levels in a decade. However, economic growth will remain slow. Also, there are early signs that the employment will retrace from record figures.<\/p>\n

\n
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GBP\/INR is surging in early trading on Friday, extending the bullish trend that took off late on Monday. Currently, the pair is trading at 92.945, up 0.35% as of 7:00 AM UTC. The price has increased over 0.90% since late Monday, though a steep decline early on Monday cut the weekly gain figure. The rupee\u2019s […]<\/p>\n","protected":false},"author":163946598,"featured_media":82150,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1394,1666],"class_list":["post-84233","post","type-post","status-publish","format-standard","has-post-thumbnail","category-gbp","category-inr","tag-gbp","tag-inr"],"acf":[],"yoast_head":"\nGBP\/INR: Rupee is Down as Surging Oil Prices Trouble Indian Importers - 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\/101895-gbp-inr-rupee-is-down-as-surging-oil-prices-trouble-indian-importers\/\" \/>\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\\\/101895-gbp-inr-rupee-is-down-as-surging-oil-prices-trouble-indian-importers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101895-gbp-inr-rupee-is-down-as-surging-oil-prices-trouble-indian-importers\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/INR: Rupee is Down as Surging Oil Prices Trouble Indian Importers\",\"datePublished\":\"2019-12-27T08:54:05+00:00\",\"dateModified\":\"2019-12-27T09:31:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101895-gbp-inr-rupee-is-down-as-surging-oil-prices-trouble-indian-importers\\\/\"},\"wordCount\":602,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101895-gbp-inr-rupee-is-down-as-surging-oil-prices-trouble-indian-importers\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/GBP-INR-Rupee-Benefits-from-US-China-Trade-Optimism.jpg\",\"keywords\":[\"gbp\",\"inr\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101895-gbp-inr-rupee-is-down-as-surging-oil-prices-trouble-indian-importers\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101895-gbp-inr-rupee-is-down-as-surging-oil-prices-trouble-indian-importers\\\/\",\"name\":\"GBP\\\/INR: Rupee is Down as Surging Oil Prices Trouble Indian Importers - 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