{"id":98626,"date":"2020-04-09T02:48:24","date_gmt":"2020-04-09T06:48:24","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=98626"},"modified":"2020-04-09T03:34:51","modified_gmt":"2020-04-09T07:34:51","slug":"102970-gbp-inr-rupee-slips-as-indian-economy-faces-catastrophic-consequences","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102970-gbp-inr-rupee-slips-as-indian-economy-faces-catastrophic-consequences\/","title":{"rendered":"GBP\/INR: Rupee Slips as Indian Economy Faces \u201cCatastrophic Consequences\u201d"},"content":{"rendered":"<p><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-inr-exchange-rate-today\/\">GBP\/INR<\/a> continues the bullish mood, even though the <a href=\"https:\/\/currencylive.com\/news\/currency\/gbp\/\">sterling<\/a> is losing ground against majors. Currently, the pair is trading at 94.572, up 0.57% as of 6:15 AM UTC. This is the third bullish session in a row.<\/p>\n<p>The <a href=\"https:\/\/currencylive.com\/news\/currency\/inr\/\">rupee<\/a> is declining as the markets are realizing the massive impact of the COVID-19 pandemic and the lockdown measures imposed by the government.<\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-inr-exchange-rate-today\/\" class=\"su-button su-button-style-flat button-internalbutton\" style=\"color:#ffffff;background-color:#f92658;border-color:#c81f47;border-radius:5px\" target=\"_self\"><span style=\"color:#ffffff;padding:0px 22px;font-size:17px;line-height:34px;border-color:#fb688b;border-radius:5px;text-shadow:none\"> Check real time GBP to INR exchange rate<\/span><\/a><\/div>\n<h2>Goldman Sachs Slashes India\u2019s Growth Forecast to 1.6%<\/h2>\n<p>US banking giant Goldman Sachs has cut India\u2019s economic growth forecast for the second time in less than a month, expecting a GDP contraction to 1.6% in the fiscal year 2021, which is the worst rate since the WW2. Nevertheless, the bank anticipates a strong recovery in the second half. Last month, Goldman anticipated the pace to be at 3.3%. The bank\u2019s analysts <a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/indicators\/indias-gdp-may-plummet-to-multi-decade-low-of-1-6-per-cent-in-fy21-goldman-sachs\/articleshow\/75047904.cms\">said<\/a>:<\/p>\n<p>\u201c<em>The 1.6% growth for FY21 would be deeper compared to widely perceived \u201crecessions\u201d India experienced in the 1970s, 1980s, and in 2009. Notably, as our global team has argued, the global COVID-19 crisis \u2014 or more precisely, the response to that crisis \u2014 represents a physical (as opposed to purely financial) constraint on economic activity that is unprecedented in postwar history<\/em>.\u201d<\/p>\n<h2>UN\u2019s ILO Anticipates Catastrophic Consequences<\/h2>\n<p>Elsewhere, the United Nation\u2019s (UN) labour body said that about 400 million Indians might fall deeper into poverty during the COVID crisis, which is already having \u201ccatastrophic consequences.\u201d The lockdown measures might slash 195 million full-time jobs in the second quarter of this year, according to the International Labour Organization (ILO). The UN agency said that the pandemic was \u201cthe worst global crisis since World War II.\u201d<\/p>\n<p>Meanwhile, a recent survey carried out by Reuters suggested that India\u2019s retail inflation might have declined to a four-month low in March, as demand is tumbling. Inflation has probably declined to 5.93% last month from 6.58% in February.<\/p>\n<p>Kunal Kundu, India economist at Societe Generale, <a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/indicators\/indias-inflation-likely-fell-to-a-four-month-low-in-march-poll\/articleshow\/75059705.cms\">commented<\/a>:<\/p>\n<p>\u201c<em>We expect a continued and sizeable drop in food prices. In addition, core inflation also fell with social distancing impacting the transport, communication and recreational component of the service sector<\/em>.\u201d<\/p>\n<p>While inflation will likely hit the lowest level since November, it is still close to the higher level of the central bank\u2019s target of 2-6%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GBP\/INR continues the bullish mood, even though the sterling is losing ground against majors. Currently, the pair is trading at 94.572, up 0.57% as of 6:15 AM UTC. This is the third bullish session in a row. The rupee is declining as the markets are realizing the massive impact of the COVID-19 pandemic and the [&hellip;]<\/p>\n","protected":false},"author":163946603,"featured_media":82966,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1394,1747,1387,1666],"class_list":{"0":"post-98626","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-gbp","10":"tag-indian-economy","11":"tag-inflation","12":"tag-inr"},"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: Rupee Slips as Indian Economy Faces \u201cCatastrophic Consequences\u201d - 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\/102970-gbp-inr-rupee-slips-as-indian-economy-faces-catastrophic-consequences\/\" \/>\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\\\/102970-gbp-inr-rupee-slips-as-indian-economy-faces-catastrophic-consequences\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102970-gbp-inr-rupee-slips-as-indian-economy-faces-catastrophic-consequences\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/INR: Rupee Slips as Indian Economy Faces \u201cCatastrophic Consequences\u201d\",\"datePublished\":\"2020-04-09T06:48:24+00:00\",\"dateModified\":\"2020-04-09T07:34:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102970-gbp-inr-rupee-slips-as-indian-economy-faces-catastrophic-consequences\\\/\"},\"wordCount\":400,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102970-gbp-inr-rupee-slips-as-indian-economy-faces-catastrophic-consequences\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/inr-indian-rupee-exchange-rates-gbp.jpg\",\"keywords\":[\"gbp\",\"indian economy\",\"Inflation\",\"inr\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102970-gbp-inr-rupee-slips-as-indian-economy-faces-catastrophic-consequences\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102970-gbp-inr-rupee-slips-as-indian-economy-faces-catastrophic-consequences\\\/\",\"name\":\"GBP\\\/INR: Rupee Slips as Indian Economy Faces \u201cCatastrophic Consequences\u201d - 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