{"id":97665,"date":"2020-03-18T04:28:13","date_gmt":"2020-03-18T08:28:13","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97665"},"modified":"2020-03-18T04:28:38","modified_gmt":"2020-03-18T08:28:38","slug":"102721-gbp-inr-recovers-slightly-after-touching-lowest-since-oct-2019","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102721-gbp-inr-recovers-slightly-after-touching-lowest-since-oct-2019\/","title":{"rendered":"GBP\/INR Recovers Slightly After Touching Lowest Since Oct 2019"},"content":{"rendered":"

GBP\/INR<\/a> recovers slightly on Wednesday, but it\u2019s still trading close to the lowest level since mid-October last year. Currently, one British pound<\/a> buys 89.737 Indian rupees<\/a>, up 0.59% as of 6:35 AM UTC.<\/p>\n

S&P Lowers India\u2019s GDP Forecast<\/h2>\n

Both the UK and Indian economy will continue to be affected by the coronavirus<\/a> outbreak, but rupee weakened after rating agency S&P Global Ratings downgraded India\u2019s GDP forecast to 5.2% for the current fiscal year, citing an upcoming recession of global economy amid COVID-19 pandemic. Previously, the agency anticipated a growth rate of 5.7% for the year.<\/p>\n

S&P also referred<\/a> to the Asia-Pacific region as a whole:<\/p>\n

\u201cAsia-Pacific economic growth in 2020 will be more than halve to less than 3 per cent as the “global economy enters a recession\u2026 We lower our forecasts for China, India, and Japan for 2020 to 2.9 per cent, 5.2 per cent and -1.2 per cent (from 4.8 per cent, 5.7 per cent, and -0.4 per cent previously).\u201d<\/em><\/p>\n

S&P\u2019s update comes shortly after Moody\u2019s Investors Service had downgraded India\u2019s GDP growth outlook for 2020 by 0.1% to 5.3%.<\/p>\n

UK Government Announces Support on \u201cUnimaginable Scale\u201d<\/h2>\n

In the UK, the government announced a series of measures to support businesses and households as the virus rapidly spreads. The government led by Prime Minister Boris Johnson will support companies with a 20 billion pound direct package. Also, homeowners won\u2019t need to pay for mortgages for a period of three months, finance minister Rishi Sunak said.<\/p>\n

The PM and his finance minister admitted that Britain is facing an economic emergency but they said the government would do everything to support businesses and the economy.<\/p>\n

They announced an additional 330 billion pounds of loan guarantees to British companies, worth 15% of GDP. If businesses require more than that, the government will do whatever it takes to support them. Sunak said<\/a> during a news conference:<\/p>\n

\u201cThis struggle will not be overcome by a single package of measures or isolated interventions. This national effort will be underpinned by government interventions in the economy on a scale unimaginable only a few weeks ago.\u201d<\/em><\/p>\n

The outbreak is also affecting the trade talks with the European Union, and it is not clear whether the two will manage to reach consensus by the end of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR recovers slightly on Wednesday, but it\u2019s still trading close to the lowest level since mid-October last year. Currently, one British pound buys 89.737 Indian rupees, up 0.59% as of 6:35 AM UTC. S&P Lowers India\u2019s GDP Forecast Both the UK and Indian economy will continue to be affected by the coronavirus outbreak, but rupee […]<\/p>\n","protected":false},"author":163946603,"featured_media":5970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[2139,1394,1861,1666],"class_list":{"0":"post-97665","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-gbp","11":"tag-gbp-inr","12":"tag-inr"},"acf":[],"yoast_head":"\nGBP\/INR Recovers Slightly After Touching Lowest Since Oct 2019 - 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\/102721-gbp-inr-recovers-slightly-after-touching-lowest-since-oct-2019\/\" \/>\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\\\/102721-gbp-inr-recovers-slightly-after-touching-lowest-since-oct-2019\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102721-gbp-inr-recovers-slightly-after-touching-lowest-since-oct-2019\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/INR Recovers Slightly After Touching Lowest Since Oct 2019\",\"datePublished\":\"2020-03-18T08:28:13+00:00\",\"dateModified\":\"2020-03-18T08:28:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102721-gbp-inr-recovers-slightly-after-touching-lowest-since-oct-2019\\\/\"},\"wordCount\":387,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102721-gbp-inr-recovers-slightly-after-touching-lowest-since-oct-2019\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/pounds-brexit.jpg\",\"keywords\":[\"coronavirus\",\"gbp\",\"gbp\\\/inr\",\"inr\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102721-gbp-inr-recovers-slightly-after-touching-lowest-since-oct-2019\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102721-gbp-inr-recovers-slightly-after-touching-lowest-since-oct-2019\\\/\",\"name\":\"GBP\\\/INR Recovers Slightly After Touching Lowest Since Oct 2019 - 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