Pound Sterling Exchange Rate Report vs Indian Rupee (INR), Russian Ruble (RUB), Turkish Lira (TRY) and Japanese Yen (JPY)
Thursday Update: GBP/TRY, GBP/RUB, GBP/INR and GBP/JPY currency fluctuations were seen by the publication of the minutes from the latest Bank of England policy meeting. Dovish minutes saw Sterling slide.
The Pound exchange rate was broadly stronger on Tuesday as investors fixated on Wednesday’s UK employment figures.
As the jobs data is expected to show a solid jobs gain, a decrease in unemployment and an increase in average weekly earnings, the report could bring forward Bank of England interest rate hike expectations and give the Pound a boost.
Although economic data for the UK was in short supply on Tuesday, the Pound still experienced movement over the course of the local session.
A brief foreign exchange market summary before we bring you the remainder of this report:
On Wednesday the Turkish Lira to British Pound exchange rate (TRY/GBP) converts at 0.025
At time of writing the pound to turkish lira exchange rate is quoted at 40.552.
The pound conversion rate (against indian rupee) is quoted at 103.709 INR/GBP.
FX markets see the pound vs russian rouble exchange rate converting at 116.078.
At time of writing the pound to japanese yen exchange rate is quoted at 192.868.
Please note: the FX rates above, updated 24th Apr 2024, will have a commission applied by your typical high street bank. Currency brokers specialise in these type of foreign currency transactions and can save you up to 5% on international payments compared to the banks.
Pound to Lira Exchange Rate Today
Early in European trading the Pound to Turkish Lira exchange rate advanced by 0.9%, rallying from a low of 3.5079 to achieve a high of 3.5542.
The Turkish central bank is still due to deliver its interest rate decision. Economists have forecast a rate cut from 8.25% to 8.0%. The announcement could inspire considerable GBP/TRY exchange rate movement.
Pound to Ruble Rate Today
Ahead of the release of Russia’s year-on-year growth data for December, the Pound to Russian Ruble exchange rate was trading in the region of 98.4581.
If growth has improved on the previous figure of -0.5% the Ruble could be supported in spite of the recent drop in oil prices.
Pound to Rupee Exchange Rate Today
As investors digested last week’s interest rate cut from the Reserve Bank of India and the possible ramifications of the recent slide in oil prices, the Rupee declined against rivals like the Pound and US Dollar.
The International Monetary Fund also lowered its global growth forecasts for both 2015 and 2016, undermining demand for emerging-market assets.
The Pound to Indian Rupee currency pair advanced by over 0.5% as the week continued to trend in the region of 93.4690.
Indian data is in short supply this week so further movement in the GBP/INR currency pair is likely to be the result of UK data and global economic developments.
Pound Sterling to Yen Rate Today
The Pound surged against the Yen on Tuesday, rallying by over 1.1% to take the GBP/JPY pairing to 179.6400.
The Yen was broadly weaker as China’s stronger-than-expected growth data undermined demand for safe haven assets.
As highlighted by strategist Shusuke Yamada; ‘Markets took Chinese data to be slightly stronger than expected. That’s underpinning Dollar-Yen which is seen to have a firm correlation with risk sentiment.’
Tomorrow the Bank of Japan will be delivering its interest rate decision. Japan will also be releasing its All Activity Index/Coincident Index and Leading Composite Index – all of which could have an impact on Pound/Yen trading.