{"id":97485,"date":"2020-03-13T04:00:35","date_gmt":"2020-03-13T08:00:35","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97485"},"modified":"2020-03-13T04:23:23","modified_gmt":"2020-03-13T08:23:23","slug":"102676-gbp-inr-tumbles-after-uk-stock-markets-worst-day-since-1987","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102676-gbp-inr-tumbles-after-uk-stock-markets-worst-day-since-1987\/","title":{"rendered":"GBP\/INR Tumbles After UK Stock Market\u2019s Worst Day Since 1987"},"content":{"rendered":"

GBP\/INR<\/a> continues to tumble, losing over 4.6% since Tuesday. Currently, the pair is trading at 93.048, down 0.74% as of 5:40 AM UTC. This is the fourth straight bearish session, with the price losing almost all its gains from last week, when it touched the highest since October 2018.<\/p>\n

Coronavirus Pandemic Hits UK Economy<\/h2>\n

The sterling<\/a> cannot stand the pressure generated by the economic crash on Thursday. Yesterday, the UK stock market saw its worst day in over 30 years. London\u2019s FTSE 100 index plummeted by almost 10%, which was the worst single-day decline since 1987.<\/p>\n

The economic horror came amid the panic caused by the coronavirus outbreak. Earlier this week, the World Health Organization (WHO) officially declared it a pandemic.<\/p>\n

UK Prime Minister Boris Johnson chaired a meeting with the country\u2019s emergency committee and surprisingly decided to move to the so-called \u201cdelay phase\u201d to fight the coronavirus impact. It means that more severe measures will be implemented to stop the outbreak. He said<\/a>:<\/p>\n

\u201cWe are now getting onto the next phase. This is now not just an attempt to contain the disease as far as possible but to delay its spread<\/em>.\u201d<\/p>\n

Yesterday, the number of new cases in the UK surged 29% to 590, with the death toll increasing to 10.<\/p>\n

The government\u2019s chief scientific adviser said that Britain was likely having between 5,000 and 10,000 people infected with the new coronavirus.<\/p>\n

Given the circumstances, the UK and the European Union agreed to cancel face-to-face trade talks that were scheduled for next week in London. This might impact the tight timeline, as the two sides have to reach an agreement by the end of this year. The British government said<\/a>:<\/p>\n

\u201cBoth sides are currently exploring alternative ways to continue discussions, including if possible the use of video conferences<\/em>.\u201d<\/p>\n

India\u2019s Economic Data Support Rupee<\/h2>\n

Elsewhere, the rupee<\/a> was supported by economic data at home. India\u2019s factory output growth accelerated to 2% in January after a decline in December. Also, retail inflation eased to 6.58% last month, from 7.59% in January. This allows the central bank to consider an immediate rate cut to stimulate the economy amid the coronavirus pandemic.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR continues to tumble, losing over 4.6% since Tuesday. Currently, the pair is trading at 93.048, down 0.74% as of 5:40 AM UTC. This is the fourth straight bearish session, with the price losing almost all its gains from last week, when it touched the highest since October 2018. Coronavirus Pandemic Hits UK Economy The […]<\/p>\n","protected":false},"author":163946603,"featured_media":82150,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1396,2504,1394,1861,1666,2156],"class_list":{"0":"post-97485","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-boris-johnson","10":"tag-coronavirus-pandemic","11":"tag-gbp","12":"tag-gbp-inr","13":"tag-inr","14":"tag-world-health-organization"},"acf":[],"yoast_head":"\nGBP\/INR Tumbles After UK Stock Market\u2019s Worst Day Since 1987 - 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\/102676-gbp-inr-tumbles-after-uk-stock-markets-worst-day-since-1987\/\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102676-gbp-inr-tumbles-after-uk-stock-markets-worst-day-since-1987\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102676-gbp-inr-tumbles-after-uk-stock-markets-worst-day-since-1987\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/INR Tumbles After UK Stock Market\u2019s Worst Day Since 1987\",\"datePublished\":\"2020-03-13T08:00:35+00:00\",\"dateModified\":\"2020-03-13T08:23:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102676-gbp-inr-tumbles-after-uk-stock-markets-worst-day-since-1987\\\/\"},\"wordCount\":360,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102676-gbp-inr-tumbles-after-uk-stock-markets-worst-day-since-1987\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/GBP-INR-Rupee-Benefits-from-US-China-Trade-Optimism.jpg\",\"keywords\":[\"boris johnson\",\"Coronavirus Pandemic\",\"gbp\",\"gbp\\\/inr\",\"inr\",\"World Health Organization\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102676-gbp-inr-tumbles-after-uk-stock-markets-worst-day-since-1987\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102676-gbp-inr-tumbles-after-uk-stock-markets-worst-day-since-1987\\\/\",\"name\":\"GBP\\\/INR Tumbles After UK Stock Market\u2019s Worst Day Since 1987 - 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