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Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Edge Higher on Divergent Services Output

Published: 3 Jul at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Rupee Exchange Rate, Euro Crisis, UK, Exchange Rates,

The Pound Sterling to Indian Rupee (GBP/INR) exchange rate strengthened by around 0.15% on Friday morning.

The British Pound advanced versus many of its currency rivals on Friday in response to better-than-expected services growth. This, coupled with Thursday’s positive construction data, caused the Composite PMI to advance despite a drag from stunted manufacturing growth. The Markit/CIPS UK Services PMI was forecast to increase from 56.5 to 57.5 in June, but the actual results reached 58.5. The Markit/CIPS UK Composite PMI also eclipsed expectations of a rise from 55.8 to 56.7 in June, with the actual result climbing to 57.4.

Commenting on the Flash PMI data David Noble, Group Chief Executive Officer at the Chartered Institute of Procurement & Supply, said; ‘The service sector continued on its robust growth path with an accelerated expansion in activity. The latest rise was stronger than the survey average, supported by further growth of new work and new staff. Optimism was in plentiful supply as the pre-election hiatus became a distant memory. Though the pace of new contract wins was marginally slower, this gave the sector the opportunity and capacity to reduce backlogs – the first such drop since March 2013.’

The Pound Sterling to Indian Rupee (GBP/INR) exchange rate is currently trending in the region of 99.1120.

The Indian Rupee, meanwhile, edged lower versus its major peers on Friday after services data failed to meet with expectations. The HSBC India Services PMI was expected to see contraction narrow from 49.6 to 49.69, but June’s actual result saw services contraction widen to 47.7. ‘June's Indian service sector data disappointed, with reductions in both activity and new business accelerating since May,’ Pollyanna De Lima, economist at Markit said. ‘The heatwave and competitive pressures were again reported to have weighed on service providers' performance. However, companies are hopeful of turning the corner in coming months, with confidence regarding the 12-month outlook remaining strong,’ Lima added.
Despite the disappointing domestic data, the Rupee avoided a large declination thanks to the combination of a weak US Dollar and cooling crude oil prices. With oil prices predicted to stay bearish for some time in response to the US rig count which saw production ramped up from the Gulf of Mexico, the Rupee is likely to find support provided the US Dollar remains soft.

The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending within the range of 98.8240 – 99.1940 during Friday’s European session.