{"id":98900,"date":"2020-04-15T02:22:52","date_gmt":"2020-04-15T06:22:52","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=98900"},"modified":"2020-04-15T02:35:24","modified_gmt":"2020-04-15T06:35:24","slug":"103027-gbp-inr-trying-to-break-above-96-00-as-rupee-looks-fragile","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103027-gbp-inr-trying-to-break-above-96-00-as-rupee-looks-fragile\/","title":{"rendered":"GBP\/INR Trying to Break Above 96.00 as Rupee Looks Fragile"},"content":{"rendered":"

GBP\/INR<\/a> was slightly down in the morning, but it has returned to growth. Currently, the pair is trading at 95.944, showing no gain as of 5:35 AM UTC.<\/p>\n

Yesterday, the price peaked at 96.129 but couldn\u2019t consolidate above the psychological level of 96.000, which proves to be a strong resistance level for now.<\/p>\n

The rupee continues to be under pressure as the Indian economy struggles with the impact of the lockdown measures.<\/p>\n

Check real time GBP to INR exchange rate<\/span><\/a><\/div>\n

IMF Cuts India\u2019s FY21 Forecast to 1.9%<\/h2>\n

Recently, the International Monetary Fund (IMF) further cut India\u2019s growth forecast for the fiscal year 2021 to 1.9% from its January outlook at 5.8%. The organization said that the recession would be worse than the Great Depression. Nevertheless, India and China might be the only major economies to see growth. Speaking about India, the report said<\/a>:<\/p>\n

\u201cThe growth forecast is marked down by more than 6 percentage points relative to the October 2019 WEO and January 2020 WEO Update projections\u2014an extraordinary revision over such a short period of time.\u201d<\/em><\/p>\n

IMF chief economist Gita Gopinath admitted that this crisis was like no other, though she endorsed the tight lockdown measures imposed by the Indian government.<\/p>\n

\u201cThese measures can help avoid an even more severe and protracted slump in activity and set the stage for economic recovery<\/em>,\u201d she stated.<\/p>\n

The good news is that India\u2019s growth in the gross domestic product (GDP) is expected to bounce back to 7.4% in the fiscal year 2022. As for the current fiscal year, the IMF anticipates India\u2019s growth at 4.2%, down from January\u2019s estimate at 4.8%.<\/p>\n

The international organization stressed that the recovery depends on how much the global pandemic is brought under control in the second half of this year.<\/p>\n

Yesterday, Indian Prime Minister Narendra Modi extended the lockdown period until May 3. Barclays said that the extension would lead to an economic loss of $234.4 billion and cause a stagnant GDP for the current fiscal year.<\/p>\n

\u201cAs India heads into a longer complete shutdown until May 3 to combat the rising number of COVID-19 cases, the economic impact looks set to be worse than we had expected earlier<\/em>,\u201d the bank said<\/a> in a note to investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR was slightly down in the morning, but it has returned to growth. Currently, the pair is trading at 95.944, showing no gain as of 5:35 AM UTC. Yesterday, the price peaked at 96.129 but couldn\u2019t consolidate above the psychological level of 96.000, which proves to be a strong resistance level for now. The rupee […]<\/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":[1394,1861,1669,1747,1666],"class_list":{"0":"post-98900","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-gbp-inr","11":"tag-imf","12":"tag-indian-economy","13":"tag-inr"},"acf":[],"yoast_head":"\nGBP\/INR Trying to Break Above 96.00 as Rupee Looks Fragile - 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\/103027-gbp-inr-trying-to-break-above-96-00-as-rupee-looks-fragile\/\" \/>\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\\\/103027-gbp-inr-trying-to-break-above-96-00-as-rupee-looks-fragile\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103027-gbp-inr-trying-to-break-above-96-00-as-rupee-looks-fragile\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/INR Trying to Break Above 96.00 as Rupee Looks Fragile\",\"datePublished\":\"2020-04-15T06:22:52+00:00\",\"dateModified\":\"2020-04-15T06:35:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103027-gbp-inr-trying-to-break-above-96-00-as-rupee-looks-fragile\\\/\"},\"wordCount\":392,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103027-gbp-inr-trying-to-break-above-96-00-as-rupee-looks-fragile\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/inr-indian-rupee-exchange-rates-gbp.jpg\",\"keywords\":[\"gbp\",\"gbp\\\/inr\",\"imf\",\"indian economy\",\"inr\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103027-gbp-inr-trying-to-break-above-96-00-as-rupee-looks-fragile\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103027-gbp-inr-trying-to-break-above-96-00-as-rupee-looks-fragile\\\/\",\"name\":\"GBP\\\/INR Trying to Break Above 96.00 as Rupee Looks Fragile - 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