Trading GBP/INR
Trading GBP/INR, or converting British pounds to Indian rupees, and back again, is one of the oldest forms of forex. The array of fundamental factors and news events that influence the pair, as well as the range 0f tools and forecast graphs that traders can take advantage of, make trading GBP/INR so popular. This guide will discuss all you need to know about the two currencies, including what the rate looks like today, and will provide you with some helpful tips for technical chart analysis for trading GBP/INR.
GBP/INR Trading Brokers
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
NinjaTrader
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Stocks, Options, Commodities, Futures, CryptoNinjaTrader Desktop, Web & Mobile, eSignalACH Transfer, Debit Card, Wire TransferUSD -
3
OANDA USCFDs are not available to residents in the United States.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
4
IGForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
5
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMAStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
6
Videforex20% to 200% Deposit Bonus
$250$0.011:500Binary Options, CFDs, Forex, Indices, Commodities, CryptoTradingViewSkrill, Perfect Money, Bitcoin Payments, Neteller, Credit Card, Visa, Mastercard, Ethereum PaymentsUSD, EUR, GBP, AUD, RUB -
7
RedMars
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€2500.01 Lots1:30 (Retail), 1:500 (Pro)CySECCFDs, Forex, Stocks, Indices, Commodities, CryptosMT5Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, VisaUSD, EUR -
8
Plexytrade120% Cash Welcome Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.011:2000UnregulatedCFDs, Forex, Indices, Stocks, Commodities, CryptoMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD, EUR -
9
Plus500 USWelcome Deposit Bonus up to $200Trading with leverage involves risk.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.0 LotsCFTC, NFAFutures on Forex, Commodities, Cryptos, Indices, Interest RatesWebTrader, AppACH Transfer, Wire Transfer, Debit Card, Mastercard, VisaUSD -
10
InstaTrade
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10.011:1000BVI FSCFISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, FuturesInstaTrade Gear, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, Bitcoin Payments, Ethereum PaymentsUSD, EUR, RUB
Here is a short overview of each broker's pros and cons
- FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
- NinjaTrader - NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).
- OANDA US - OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
- IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
- Interactive Brokers - IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
- Videforex - Trade 35 major, minor and exotic forex pairs through CFDs with floating spreads from 0.1 pips. Alternatively, binary options allow you to speculate on rising and falling prices with a fixed stake and payout.
- RedMars - RedMars strongest investment category is forex with more than 50 currency pairs, from majors to minors and exotics. Spreads start from 0.0 pips, catering to active currency traders, and leverage can reach 1:500. However, there are no forex heatmaps or research tools to support aspiring forex traders.
- Plexytrade - Plexytrade presents major, minor, and exotic forex pairs for trading, with leverage reaching 1:2000 and raw spreads starting from 0.0 - an enticing proposition for advanced traders seeking gains from minor price shifts. However, the downside lies in the limited selection, with only 41 currency pairs available, significantly fewer than the 100+ forex assets at IG.
- Plus500 US - Plus500 US offers futures trading on a small selection of 13 currencies, including popular pairs like the EUR/USD and GBP/USD. Day trading margins are competitive, starting from $40, while the educational resources do an excellent job of breaking down the basics of forex futures for new traders.
- InstaTrade - InstaTrade offers a huge selection of around 100 currency pairs. It provides spreads starting at 0.0 on majors, plus integrated forex analysis in the web platform, featuring signals, plus technical and fundamental summaries. Additionally, InstaTrade offers educational modules covering forex basics for beginners, including margin trading and risk management.
Trading GBP/INR Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator |
|---|---|---|---|---|---|
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80+ | 1.2 | / 5 | $100 | NFA, CFTC |
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50+ | 1.3 | / 5 | $0 | NFA, CFTC |
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65+ | 1.6 | / 5 | $0 | NFA, CFTC |
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80+ | 0.8 | / 5 | $0 | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB |
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100+ | 0.08-0.20 bps x trade value | / 5 | $0 | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA |
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35 | Floating from 0.1 pips | / 5 | $250 | - |
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50+ | 0.7 | - | €250 | CySEC |
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40+ | 0.7 | - | $50 | Unregulated |
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13 | 0.75 | / 5 | $100 | CFTC, NFA |
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65 | 0.0 | - | $1 | BVI FSC |
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| GBPUSD Spread | 1.3 |
| EURUSD Spread | 1.2 |
| EURGBP Spread | 1.4 |
| Total Assets | 80+ |
| Leverage | 1:50 |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
NinjaTrader Quick Facts
| GBPUSD Spread | 1.6 |
|---|---|
| EURUSD Spread | 1.3 |
| EURGBP Spread | 1.6 |
| Total Assets | 50+ |
| Leverage | 1:50 |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Account Currencies | USD |
Pros
- Traders can get free platform access and trade simulation capabilities in the unlimited demo
- Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
- NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
Cons
- There is a withdrawal fee on some funding methods
- Non forex and futures trading requires signing up with partner brokers
- The premium platform tools come with an extra charge
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
OANDA US Quick Facts
| GBPUSD Spread | 3.4 |
|---|---|
| EURUSD Spread | 1.6 |
| EURGBP Spread | 1.7 |
| Total Assets | 65+ |
| Leverage | 1:50 |
| Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- The broker offers a transparent pricing structure with no hidden charges
- OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC
- The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
Cons
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
- The range of day trading markets is limited to forex and cryptos only
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 0.9 |
| Total Assets | 80+ |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
Cons
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Interactive Brokers Quick Facts
| GBPUSD Spread | 0.08-0.20 bps x trade value |
|---|---|
| EURUSD Spread | 0.08-0.20 bps x trade value |
| EURGBP Spread | 0.08-0.20 bps x trade value |
| Total Assets | 100+ |
| Leverage | 1:50 |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
Cons
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
Videforex
"Newer traders will find a lot to enjoy about trading binary options on Videforex's easy-to-use proprietary platform, as well as the broker's copy trading solution. Payouts also remain higher than most alternatives climbing to 98%."
Videforex Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| GBPUSD Spread | Floating from 0.1 pips |
| EURUSD Spread | Floating from 0.1 pips |
| EURGBP Spread | Floating from 0.1 pips |
| Total Assets | 35 |
| Leverage | 1:500 |
| Platforms | TradingView |
| Account Currencies | USD, EUR, GBP, AUD, RUB |
Pros
- Global clients can make free and fast transfers via a wide range of payment types, from credit cards to cryptocurrencies
- The firm facilitates both day trading and binary options which is great for those looking to diversify their portfolios
- The support times are fast and reliable based on tests - few brokers offer 24/7 multi-lingual video support
Cons
- No MetaTrader 4 integration
- The broker isn’t overseen by a trusted regulatory agency
- US clients aren’t accepted due to legal restrictions
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
RedMars Quick Facts
| GBPUSD Spread | 0.7 |
|---|---|
| EURUSD Spread | 0.7 |
| EURGBP Spread | 1.1 |
| Total Assets | 50+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | MT5 |
| Account Currencies | USD, EUR |
Pros
- RedMars offers one of the best platforms for day trading, MT5, hosting 21 timeframes, dozens of analytical tools, flexible templates and algo trading
- The broker supports a range of flexible payment methods, including wire transfers, credit cards, e-wallets, and notably cryptocurrencies
- Getting started on RedMars is incredibly easy - you can be up and running in just a few minutes based on tests
Cons
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
- While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets
- RedMars falls short for newer traders, with little in the way of education, no beginner-friendly platform, a steep minimum deposit, and inadequate support during testing
Plexytrade
"Plexytrade is a newcomer in the brokerage scene with attention-grabbing features like 1:2000 leverage, zero spreads on select instruments and fast execution speeds of less than 46 milliseconds. However, the absence of regulation is a significant concern, while the non-existent research and educational tools place it far behind industry frontrunners."
Plexytrade Quick Facts
| Bonus Offer | 120% Cash Welcome Bonus |
|---|---|
| GBPUSD Spread | 0.8 |
| EURUSD Spread | 0.7 |
| EURGBP Spread | 1.1 |
| Total Assets | 40+ |
| Leverage | 1:2000 |
| Platforms | MT4, MT5 |
| Account Currencies | USD, EUR |
Pros
- Despite lacking regulation, Plexytrade provides negative balance protection and reinforces safety protocols by holding client funds in segregated accounts.
- Plexytrade accommodates a range of trading methods and short-term strategies, including scalping, hedging, and automated trading.
- Plexytrade offers among the highest leverage we’ve seen, up to 1:2000, catering to advanced traders willing to forego regulatory protections.
Cons
- There are no social or copy trading features for inexperienced traders to replicate the trades of more experienced investors, trailing category leaders like eToro.
- With around 100 instruments, Plexytrade restricts the flexibility of investors who prefer to trade across various assets, especially compared to Blackbull with its 26,000 securities.
- Deposits and withdrawals are exclusively facilitated through cryptocurrencies, as Plexytrade does not support bank cards, bank wire transfers, or e-wallets.
Plus500 US
"Plus500 US stands out as an excellent choice for beginners, offering a very user-friendly platform, low day trading margins, and access to the Futures Academy to enhance trading skills."
Michael MacKenzie, Reviewer
Plus500 US Quick Facts
| Bonus Offer | Welcome Deposit Bonus up to $200 |
|---|---|
| EURUSD Spread | 0.75 |
| Total Assets | 13 |
| Platforms | WebTrader, App |
| Account Currencies | USD |
Pros
- Plus500 is a publicly traded company with a good reputation, over 24 million traders, and a sponsor of the Chicago Bulls, instilling a sense of trust
- The trading app provides a terrific user experience with a modern design, a clean layout and mobile-optimized charts
- The straightforward account structure, pricing model and web platform offer an easier route into futures trading than rivals like NinjaTrader
Cons
- Plus500 US does not offer social trading capabilities, a feature available at alternatives like eToro US which could strengthen its offering for aspiring traders
- Although support response times were fast during tests, there is no telephone assistance
- Despite competitive pricing, Plus500 US lacks a discount program for high-volume day traders, a scheme found at brokers like Interactive Brokers
InstaTrade
"Although InstaTrade offers active trading on a comprehensive platform, it stands out with its fairly unique Fixed Income Structured Product (FISP), providing passive investment opportunities with up to 50% returns in 6 months if conditions are met. "
InstaTrade Quick Facts
| GBPUSD Spread | 0.2 |
|---|---|
| EURUSD Spread | 0.0 |
| EURGBP Spread | 2.8 |
| Total Assets | 65 |
| Leverage | 1:1000 |
| Platforms | InstaTrade Gear, MT4 |
| Account Currencies | USD, EUR, RUB |
Pros
- InstaTrade delivers an excellent suite of charting tools for day traders with its web trader comprising 250+ indicators, 11 chart types and a user-friendly design.
- VPS hosting caters to algo trading strategies with a dedicated physical server providing rapid execution speeds as low as 9 milliseconds.
- InstaTrade claims to "guarantee" returns through the structured element of its passive trading solution (FISP), with applications approved within 24 hours.
Cons
- InstaTrade is registered in the offshore jurisdiction of the British Virgin Islands, resulting in limited regulatory safeguards for retail investors.
- InstaTrade’s growing educational tools provide valuable information for aspiring traders, but still trail category leaders like eToro with no structured course based on experience level.
- InstaTrade sports one of the most cluttered websites and client cabinets in the industry, potentially overwhelming new traders, especially compared to XTB’s intuitive trading journey and resources.
GBP/INR Meaning
When trading GBP/INR, it is important to understand exactly what is being presented to you. This currency pair is the value of the British pound (GBP) against the Indian rupee (INR) and tells the trader how many Indian rupees (the quote currency) are needed to buy one British pound (the base currency).
Conversely, INR/GBP tells a trader how many pounds are needed to buy one rupee.
Chart
GBP/INR History
The GBP and INR have been closely linked for several hundred years since Great Britain colonised India. Due to the long history of the GBP/INR currency pair and its unique position on the currency market, it has become a favourite amongst forex traders. Individual investors have been known for trading GBP/INR to diversify their forex trading portfolios and strengthen their financial strategies.
Traditionally, the British pound (GBP) had always been exchanged on a gold standard. This was a system under which many countries fixed the value of their currencies to a specified amount of gold. As the INR was so closely associated with the GBP, it was also tied to the gold standard, despite being a silver coin.
Since the suspension of the gold standard in 1931, the GBP has been fiat money, with its value determined by its acceptance in the national and international economy. Indian rupees (INR) were first issued in the 18th century and the currency was decimalised in 1957. For those trading GBP/INR, the exchange rate has steadily increased over the last 20 years and saw higher levels in 2021 than in the five preceding years. The price reached an all-time high in April 2021.
The UK Economy
Understanding economic drivers will help traders to make better-informed decisions when trading GBP/INR. In January 2021, the Bank of England governor stated that the UK economy was experiencing its “darkest hour”. However, the economic outlook was stronger than that of its developed markets peers, which boosted the GBP, making it the best performing G10 currency in the first half of 2021.
It was predicted by the Organisation for Economic Co-operation and Development (OECD) that the UK economy would rise by 7.2% in 2021. This marks one of the fastest increases among the developed economies and tips its GDP growth on a par with India’s.
Some of the UK’s top exports include cars, precious metals and minerals, various machinery, pharmaceuticals, financial services and much more. These types of products are often in high demand, meaning the pound is often on an incline. With the UK’s inflation rate lower than that of many other countries, its purchasing power is therefore higher. This is one reason why the pound exchange rate is almost always strong, which is noticeable in the high rate for trading GBP/INR.
Role Of The Pound
The GBP is the fourth-most traded currency traded in the forex market, after the USD, EUR and JPY. It is the oldest actively traded currency on the forex market and, as of mid-2021, the GBP is the fifth-most held currency in global reserves.
The Indian Economy
India’s diversified economy experienced rapid growth in recent years thanks to its services and farming industries, the latter of which over half of India’s workers rely on. India is the sixth-largest global economy, directly after the UK in fifth, so trading GBP/INR does involve some big players. It also has one of the largest populations among nations, with more than 1 billion inhabitants. Since the 1990s, India’s economy has been quite liberal, which has helped to boost economic growth over the last 20 years.
India is a cash-based economy, facilitating fake currency circulation by those engaged in criminal activities. The Reserve Bank of India (RBI) often updates rupee notes to enhance security and prevent fraud. However, widespread corruption, inflexible business regulation and ongoing poverty are factors that prohibit India’s economy from expanding even further and may limit the impacts on trading GBP/INR.
Role Of The Rupee
The Indian rupee (INR) is legal tender for the 1.3 billion people living in India. The rupee has experienced a decline against major currencies like the GBP, USD and EUR over recent decades, as a result of market forces.
Factors Affecting GBP/INR Price
Many factors can cause a shift in the GBP to INR daily chart and weekly forecasts. These include:
- Central Bank Policy – The GBP/INR exchange rate is primarily affected by the Bank of England and Reserve Bank of India (RBI) reference rates.
- Inflation – Inflation rates can have a significant impact on trading GBP/INR. High inflation in the UK means there will be less demand for UK goods and therefore for the GBP itself. This will strengthen the INR against the GBP. However, UK inflation rates have barely been above 4% for nearly a decade, so this rise is not cause for too much concern. India currently targets a 4% inflation rate, with a tolerance of 2% and 6%. In December 2020, inflation in India dropped to 4.59%, the lowest since November 2019. This was driven by a decline in the prices of fruit and vegetables but gave the RBI opportunity to support the economy through lower interest rates. However, this ultimately put pressure on the INR.
- Interest Rates – Interest rates can also play a key role when carrying out exchange rate analysis for trading GBP/INR. It can significantly affect the INR as it has a direct impact on the foreign capital that is invested in India.
- GDP Growth Rate – Gross Domestic Product (GDP) measures the economic health of a country. In 2020, the UK overtook India in fifth place for largest GDP in the world. GDP performance and outlook can affect the GBP/INR rate on charts as currency values highly depend on the size and performance of economies.
- Sociopolitical Events – Social, economic and political events can create high volatility in the GBP/INR currency pair. For example, Brexit and more recently, extreme weather events, such as flooding caused by climate change, have put economies at risk. Traders hoping to make a profit from the GBP/INR pair would do well to keep on top of the latest news and political landscape.
Other things to consider include investment flows, trade flows and oil prices.
Day Trading GBP/INR Strategy
Trading Hours
Knowing when to begin trading GBP/INR is vital for achieving decent profit margins. The National Stock Exchange of India’s (NSE) trading hours are between 09:00 and 17:00 India Standard Time (IST). In the UK, this corresponds to 03:30 – 11:30 GMT.
Trading GBP/INR will be most liquid during the crossover of these hours and the opening times of the London Stock Exchange (LSE), which are 07:00 – 16:00 GMT. During these times, trading volume will be greater, slippage will be reduced and spreads will be tighter.
Brokers
Not all brokers will facilitate trading GBP/INR or INR/GBP, so investors should verify that their broker of choice offers it before opening an account. More and more large brokers are offering the GBP/INR pair along with a range of powerful technical analysis tools, charts, indicators and automated trading features. Some providers may also offer conversion services for GBP to INR and vice versa.
Data & Forecasting
Many traders focus on analysing current forex data to inform their positions. Monitoring a GBP vs INR live chart is key when opening and closing positions and executing trades. However, investors can also benefit from analysing historical information, including year-long graphs or the trend over the last five years. Maximising the use of as much financial data as is available is vital to making strong value predictions. Charts and other useful information for trading GBP/INR and INR/GBP can be found online on websites like TradingView.
Trade
Typically, currency demand is influenced by international trade. If a country exports more than it imports, the demand for goods is higher and, consequently, the same goes for its currency. When demand is high, prices rise and the currency appreciates.
There have been many decades of successful trade between the UK and India, which can be useful information when trading GBP/INR. However, total trade in goods and services (imports and exports) between the UK and India declined by 21.5% in the year preceding Q2 2021. India was also the UK’s 15th-largest trading partner for the same period.
In this post-Brexit period, the UK needs to renegotiate trade agreements individually with many partners. In May 2021, the UK announced a £1 billion trade deal with India and a commitment to negotiate a free trade agreement. Trade between the UK and India was around £23 billion in 2019, which both countries hope to double by 2030.
Following the volume of exports will help investors trading GBP/INR predict whether the pound will strengthen against the rupee, or vice versa.
Linked Currency Pairs
Those forex investors considering trading GBP/INR may want to refer to previous data like an exchange rate history chart or long-term forecasts to inform their trading strategy. Another way of generating a GBP to INR prediction for 2021 and beyond is to consider the effect of correlated currency pairs. These are currencies whose price changes are often in line with each other.
Correlation is a statistical measure of how two variables relate to each other. Positively correlated currency pairs will display movement in the same direction, whereas negatively correlated currencies move in opposite directions.
- USD/INR – This pair is useful for trading GBP/INR as it tends to move in the same direction
- EUR/INR – GBP/INR is also positively correlated to this currency pair
However, correlations do not always stay stable and can change thanks to economic and political factors.
GBP/INR Forecast
When trading GBP/INR, it is vital that a trader keeps on top of future trends and predictions for tomorrow. Traders should note that a single technical analysis is often not enough to build a thorough GBP/INR forecast. Traders can look at GBR/INR weekly charts and also benefit from looking at the latest news to see how the currency pair is performing today versus yesterday and further in the past.
Most trading platforms have various types of live forex charts available for viewing and analysis. Daily or weekly candlestick charts are handy tools often used by those trading GBP/INR. Historical price charts are also provided by most top brokers, giving traders access to yesterday’s price as well as future exchange rate forecasts.
The GBP to INR reached its highest rate ever in April 2021, amounting to 105.17 INR.
Final Word On Trading GBP/INR
Trading on the exotic currency pair GBP/INR is popular amongst day traders. The GBP remains historically strong against the INR but, as a highly volatile pair, this is always subject to change. Numerous economic factors can influence the GBP and the INR but knowing what data to use to make forecasts and predictions will be a trader’s biggest challenge with this pair. Before you start trading, make sure you’re keyed up on the various influencing dynamics that can affect trading GBP/INR. Strong technical analysis tools and skills, alongside an awareness of current news events, will put you in the best place to begin trading this pair.
FAQs
How Do I Start Trading GBP/INR?
In order to start forex trading GBP/INR, investors should find a broker with a strong exotic pair offering. Before setting up an account with a broker, check that the pair is available but also compare spreads and commission fees, as well as the important technical analysis tools on offer.
What Is The Highest Ever GBP To INR?
Trading GBP/INR reached its all-time high in April 2021 at 105.17 INR.
Why Is GBP Stronger Than INR?
Today, the Indian rupee’s value is lower than the GBP and this has historically been the case. However, many factors influence the exchange rate and the performance of the British and Indian economies could see a reversal in the overarching historical trend.
What Factors Are Affecting The GBP/INR Rate?
Various factors should be considered when trading GBP/INR. Keeping on top of the latest news is always key. Economic developments play an important role as well as political events, such as Brexit.
Will The GBR/INR Get Stronger In 2022?
India relies on a variety of industries and commodities, meaning it has significant growth potential. Forecasts indicate that the GBP/INR could see a change. As stronger currencies weaken, a short-term spike could appear in emerging markets like India, which would present a good opportunity for traders to take advantage of trading GBP/INR. Keep an eye on forecasts and charts online to make sure you’re clued up.