{"id":96455,"date":"2020-02-24T03:03:41","date_gmt":"2020-02-24T08:03:41","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=96455"},"modified":"2020-02-24T03:08:13","modified_gmt":"2020-02-24T08:08:13","slug":"102471-gbp-inr-starts-week-off-on-the-wrong-foot","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102471-gbp-inr-starts-week-off-on-the-wrong-foot\/","title":{"rendered":"GBP\/INR Starts Week Off on the Wrong Foot"},"content":{"rendered":"

GBP\/INR<\/a> is declining in early trading on Monday amid fears of the coronavirus spread in Europe. Currently, one British pound<\/a> buys 92.918 Indian rupees<\/a>, down 0.23% as of 5:09 AM UTC. The pair saw a two-day rally until Friday but couldn\u2019t break a strong resistance level at around 93.200.<\/p>\n

INR Supported by China\u2019s Readiness to Boost Stimulus<\/h2>\n

The rupee reacted positively on China\u2019s intention to ease its monetary policy in an effort to address the repercussions of the coronavirus outbreak. China is India\u2019s second-largest trade partner after the US.<\/p>\n

China\u2019s government hinted that it was ready to boost stimulus in the fiscal and monetary policy as the coronavirus epidemic is affecting the world\u2019s second-largest economy.<\/p>\n

On Friday, Chinese officials promised to President Xi Jinping that they would be open to using fiscal policy to exert \u201cmore flexibility\u201d when it comes to monetary easing. Investors interpreted their message as more dovish compared to the monetary policy green-lighted at an economic meeting in December.<\/p>\n

Separately, People\u2019s Bank of China\u2019s (PBOC) Deputy Governor Liu Guoqiang stated that the central bank would release part of the reserves of several commercial banks to help long-term funding of the economy. The PBOC might also adjust the benchmark deposit rate when needed.<\/p>\n

The coronavirus outbreak is affecting an economy that was already seeing its growth slowing down.<\/p>\n

Song Yu, chief China economist at Goldman Sachs-backed Beijing Gao Hua Securities, commented<\/a>:<\/p>\n

\u201cWe expect policy loosening to be broad based with the main difference from previous loosening cycles likely to be in the property area. It appears increasingly likely that the budget deficit will be adjusted, though any adjustment will likely be small, no more than 3.5% as an upper limit<\/em>.\u201d<\/p>\n

However, the economist said that the broader augmented fiscal deficit would definitely be much larger.<\/p>\n

GBP Under Pressure Ahead of Post-Brexit Trade Deal<\/h2>\n

Elsewhere, sterling investors are closely watching the spread of the coronavirus, also called COVID-19, in Europe, where Italy is the place to the greatest concentration of the virus after China. The popular Venice Carnival was canceled, as well as several football matches of the Serie A league.<\/p>\n

Also, the pound is under pressure amid political tensions ahead of the post-Brexit trade talks between the UK and Europe. French President Emmanuel Macron said on Saturday that he wasn\u2019t confident whether a trade deal would be reached by the end of this year.<\/p>\n

\n
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GBP\/INR is declining in early trading on Monday amid fears of the coronavirus spread in Europe. Currently, one British pound buys 92.918 Indian rupees, down 0.23% as of 5:09 AM UTC. The pair saw a two-day rally until Friday but couldn\u2019t break a strong resistance level at around 93.200. INR Supported by China\u2019s Readiness to […]<\/p>\n","protected":false},"author":163946603,"featured_media":83445,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[2139,1410,1878,2377,1713],"class_list":{"0":"post-96455","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-coronavirus","10":"tag-italy","11":"tag-peoples-bank-of-china","12":"tag-serie-a","13":"tag-xi-jinping"},"acf":[],"yoast_head":"\nGBP\/INR Starts Week Off on the Wrong Foot - 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\/102471-gbp-inr-starts-week-off-on-the-wrong-foot\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anatol Antonovici\" \/>\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\\\/102471-gbp-inr-starts-week-off-on-the-wrong-foot\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102471-gbp-inr-starts-week-off-on-the-wrong-foot\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/INR Starts Week Off on the Wrong Foot\",\"datePublished\":\"2020-02-24T08:03:41+00:00\",\"dateModified\":\"2020-02-24T08:08:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102471-gbp-inr-starts-week-off-on-the-wrong-foot\\\/\"},\"wordCount\":656,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102471-gbp-inr-starts-week-off-on-the-wrong-foot\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/inr-gbp-exchange-rates-convert.jpg\",\"keywords\":[\"coronavirus\",\"italy\",\"People\u00e2\u20ac\u2122s Bank of China\",\"Serie A\",\"Xi Jinping\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102471-gbp-inr-starts-week-off-on-the-wrong-foot\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102471-gbp-inr-starts-week-off-on-the-wrong-foot\\\/\",\"name\":\"GBP\\\/INR Starts Week Off on the Wrong Foot - 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