{"id":99272,"date":"2020-04-23T02:30:12","date_gmt":"2020-04-23T06:30:12","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=99272"},"modified":"2020-04-23T03:41:46","modified_gmt":"2020-04-23T07:41:46","slug":"103113-gbp-inr-continues-decline-finds-support-near-94-000","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103113-gbp-inr-continues-decline-finds-support-near-94-000\/","title":{"rendered":"GBP\/INR Continues Decline, Finds Support Near 94.000"},"content":{"rendered":"

GBP\/INR<\/a> continues its bearish stance, though it faces strong support at about 94.000. Currently, one British pound<\/a> buys 94.079 Indian rupees<\/a>, down 0.06% as of 6:00 AM UTC. The pair has been pointing downward for the whole week. If it breaks below 94.000, the next support level will be at about 93.000.<\/p>\n

Both the British and Indian economies are struggling with the coronavirus crisis, so the price action is following technical analysis hints at the moment.<\/p>\n

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

UK Is Facing Worst Crisis Since WW2<\/h2>\n

The UK is about to experience its worst recession in peacetime, according to a Reuters survey. Last month, the British government shut down entire industries and introduced social distancing measures. Economists expect that the gross domestic product (GDP) would contract by 13.1% in the current quarter, which will be the biggest drop since World War Two.<\/p>\n

Paul Dales of Capital Economics commented<\/a>:<\/p>\n

\u201cThe coronavirus crisis is delivering an unprecedented hit to GDP that the economy will take many years to recover from<\/em>.\u201d<\/p>\n

According to the poll, economists anticipate that the GDP would grow 6.3% in the third quarter and 3.3% in the fourth quarter. However, 90% of the respondents admitted that the second-half figures might be much lower.<\/p>\n

Andrew Brigden, chief economist at Fathom, stated:<\/p>\n

\u201cIf COVID-19 returns with equal, or greater vigour, such that the initial drop in output sticks for several quarters, then it is hard to see a severe financial crisis being avoided<\/em>.\u201d<\/p>\n

The worst-case scenario pictured by economists is a 15% contraction in the current quarter and 11.4% contraction for the year. The best case is a 5% contraction in 2020 and a growth of 4% in 2021. The most pessimistic economists anticipate a 35% contraction this quarter.<\/p>\n

Fitch Cuts India\u2019s Growth Forecast<\/h2>\n

India is also greatly affected by the global pandemic. Earlier Thursday, rating agency Fitch cut India\u2019s GDP growth forecast to 0.8% in the current 2020-21 financial year. Thus, the economic growth will slow significantly compared to the previous fiscal year at 4.9%. Nevertheless, India\u2019s GDP might rebound to 6.7% in the next financial year, Fitch said in its Global Economic Outlook.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR continues its bearish stance, though it faces strong support at about 94.000. Currently, one British pound buys 94.079 Indian rupees, down 0.06% as of 6:00 AM UTC. The pair has been pointing downward for the whole week. If it breaks below 94.000, the next support level will be at about 93.000. Both the British […]<\/p>\n","protected":false},"author":163946609,"featured_media":83445,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1394,1861,1747,1666,1756],"class_list":{"0":"post-99272","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-indian-economy","12":"tag-inr","13":"tag-uk-economy"},"acf":[],"yoast_head":"\nGBP\/INR Continues Decline, Finds Support Near 94.000 - 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\/103113-gbp-inr-continues-decline-finds-support-near-94-000\/\" \/>\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\\\/103113-gbp-inr-continues-decline-finds-support-near-94-000\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103113-gbp-inr-continues-decline-finds-support-near-94-000\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR Continues Decline, Finds Support Near 94.000\",\"datePublished\":\"2020-04-23T06:30:12+00:00\",\"dateModified\":\"2020-04-23T07:41:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103113-gbp-inr-continues-decline-finds-support-near-94-000\\\/\"},\"wordCount\":372,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103113-gbp-inr-continues-decline-finds-support-near-94-000\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/inr-gbp-exchange-rates-convert.jpg\",\"keywords\":[\"gbp\",\"gbp\\\/inr\",\"indian economy\",\"inr\",\"uk economy\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103113-gbp-inr-continues-decline-finds-support-near-94-000\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103113-gbp-inr-continues-decline-finds-support-near-94-000\\\/\",\"name\":\"GBP\\\/INR Continues Decline, Finds Support Near 94.000 - 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