Pound to INR Forecast – Updated Daily

Today's GBP to INR Exchange Rate

GBP to INR

Forecast

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GBP to INR Exchange Rate: High-Low Ranges for 7, 30, and 90 Days

The table below outlines the expected upper and lower bounds of the GBP to INR exchange rate based on historical price data.

	7 Days Range	30 Days Range	90 Days Range
Low
Mid
High

Please note that no information on this page or website should be construed as investment advice, and the pricing shown are mid-market rates. For a live quote, please contact sales or log into your account.

What is Influencing the GBP to INR Exchange Rate Today?

The primary drivers of the GBP to INR exchange rate are interest rates and inflation. By comparing these two factors, you can gauge the possible direction in which a currency might trend over time. It is best to consider which country is more inflationary or deflationary relative to the other, let’s do this by looking at the latest key indicators:

	Latest Key Economic Data for UK and India
	Inflation Rate	Interest Rate	Manufacturing PMI
UK	2.3%	4.75%	48.6
India	6.21%	6.50%	57.3

RBI's Monetary Policy and Inflation Update

On the 10th of October 2024, the Reserve Bank of India (RBI) kept its benchmark repo rate at 6.5% for the tenth consecutive meeting, as expected, while adopting a neutral stance that leaves room for potential rate cuts if growth slows further. This decision came after inflation rose slightly to 3.65% in August, mainly driven by food prices, though it remains below the RBI’s 4% target. The RBI retained its GDP growth forecast for FY 2024-25 at 7.2% and its inflation outlook at 4.5%, with slight adjustments across quarterly projections. Other key rates, such as the standing deposit facility (6.25%) and the marginal standing facility (6.75%), remain unchanged.

On the 12th of November 2024, India’s annual inflation rate rose sharply to 6.21% in October, the highest in over a year and well above the RBI’s 4% target range. The increase was driven by food inflation, which jumped to 10.87%, with significant price rises for vegetables (42.18%), oils and fats (9.51%), and meat and fish (3.17%). Housing costs also saw a slight increase, while deflation in fuel prices eased further. Month-on-month, consumer prices rose by 1.34%, dampening prospects for near-term rate cuts.

Bank of England's Monetary Policy and Inflation Update

On the 7th of November 2024, the Bank of England voted by a majority of 8-1 to reduce interest rates by 0.25 percentage points to 4.75%, responding to ongoing disinflation. One member preferred to maintain the rate at 5%. The Bank indicated that, despite the gradual reduction, monetary policy would remain restrictive until inflation risks are sustainably managed around the 2% target, with further adjustments considered as needed based on evolving inflation data.

On the 20th of November 2024, the UK’s annual inflation rate rose to 2.3% in October, up from 1.7% in September, marking the highest level in six months and exceeding the Bank of England's target of 2%. The increase was driven by housing and household services (5.5% vs 3.8%), particularly electricity (-6.3% vs -19.5%) and gas (-7.3% vs -22.8%), following the October Ofgem energy price cap adjustment. Prices also rose for restaurants and hotels (4.3%) and housing and utilities (2.9%), while food inflation remained steady at 1.9%.

The Bank of England continues to monitor inflation closely, balancing rate cuts with the need to control inflation sustainably.

Key Statistics: GBP to INR Exchange Rate

Average Positive Return: The average positive return per month for GBP to INR is 2.23%.
Average Negative Return: The average negative return per month for GBP to INR is -1.84%.
Average Return: The average return per month for GBP to INR is 0.37%.
Standard Deviation: The standard deviation of monthly returns for GBP to INR is 2.94%.
Monthly Performance: Out of the total months in our dataset, 54.26% are positive and 45.74% are negative.
Probability-Adjusted Returns: The probability-adjusted monthly positive return is 1.21%, and the probability-adjusted monthly negative return is -0.84%.

How to Convert Pounds to Rupees with Rutland FX?

To convert pounds to INR and send money to India from the UK using Rutland FX, you’ll need to register for either a personal or a business account. After submitting your application, our onboarding team will review it, and they may request additional information about your transfer if necessary. Once your account is activated and enabled, you can proceed to convert sterling to INR at a competitive exchange rate and no payment fees.

What is the Minimum Transfer?

While there’s no minimum transfer requirement, you should note that for amounts below £2,000, our rates may not be as competitive as those of Western Union or MoneyGram. However, for transfers exceeding £2,000, our rates are exceptionally competitive. You can also compare exchange rates before signing up.

How Long Does It Take?

We currently offer same-day dispatch for payments to India if the conversion is settled before the 15:30 cut-off time. This means that if you book your conversion today, the payment will be dispatched on the same day and usually reaches your recipient within a few hours. However, in some cases, it can take up to two days depending on the processing times of the receiving bank.

What Bank Details do I need from the Recipient?

For initiating an international payment to India in INR, you’ll require the recipient’s account number, IFSC code, full name, and address.

What is an IFSC code?

An Indian Financial System Code (IFSC) is an 11-character alpha-numeric code use for international and domestic payments to India. It functions to differentiate between various bank branches participating in online financial transactions. Each branch possesses a distinct IFSC code, enabling electronic fund transfers and ensuring the accurate routing of transactions. The IFSC code is typically situated alongside the bank account number on a cheque or bank statement. It consists of the bank’s name represented by the first 4 characters, followed by a numeric 0 (the 5th character), and concludes with 6 characters indicating the branch. Here’s an example of an IFSC:

Bank: ICICI Bank

Branch: Mumbai – Pochkkhanwala Rd Worli, Maharashtra

IFSC Code: ICIC0001245

In this example:

“ICIC” represents the bank’s name (ICICI Bank).
“0” indicates the fifth character as a numeric value.
“001245” represents the branch code for the Mumbai Branch in Maharashtra.

Which Payment Route is Used?

The payment rail used will depend on the transaction size. For payments up to 500,000 INR, the payment route IMPS is utilised. For payments over 500,000, we employ NEFT. If a payment is below 500,000 and the receiving bank is not connected to IMPS, we default to NEFT.

What is NEFT?

NEFT, short for National Electronic Funds Transfer, is a centralized payment system in India owned and operated by the Reserve Bank of India (RBI). It allows for secure and nearly real-time transfer of funds to beneficiary accounts, accessible 24/7 throughout the year. Transactions can be initiated online through internet or mobile banking provided by member banks, or in person at bank branches. NEFT operates in batches throughout the day. It’s available for use by individuals, firms, and corporates maintaining accounts with any participating bank to transfer funds electronically to accounts at other banks in the country. Funds are typically received by the beneficiary within two hours of batch settlement. If funds aren’t credited on time, the originating bank must return the transaction to the remitter, and delays may result in penalty interest for the bank. Accuracy in providing beneficiary details is important with NEFT transactions, as there is no option to recall or trace payments made using this scheme.

What is IMPS?

IMPS, or Immediate Payment Service, is an instant electronic fund transfer service that allows inter and intra-bank transfers in India. With IMPS, you can send money in real-time, and it will be credited to the beneficiary’s account within seconds. The service is available 24×7 throughout the year, including on Sundays and bank holidays. You can access IMPS through multiple channels such as mobile banking, SMS, net banking, or even ATMs. To initiate a transaction via IMPS, you need either the mobile number and MMID of the beneficiary or their account number and IFSC code.

What about Intermediary Fees?

Intermediary (correspondent bank ) fees are small charges deducted from a limited number of international payments before they reach the beneficiary. These fees are not imposed by Rutland FX, and the majority of payments processed through us will not incur intermediary fees. Payments to India via IMPS or NEFT do not incur intermediary fees, as they are local payment rails.

What If The GBP Does Not Arrive by The Settlement Date?

If you booked GBP to INR as a spot FX trade,it will have one of three value dates:

“Tod” (Today): This means same day settlement and dispatch.
“Tom” (Tomorrow): This indicates booking the currency for the next business day; settle the trade by or before the cut-off time on the following business day.
“Spot” (Today+2 days): This represents the longest settlement window before the trade is considered a forward contract. Settle the trade by the cut-off time on the third day.

If an INR spot trade is not settled by the cut-off time of 15:30 on the settlement date, the back-office team will automatically close your trade, and you will have to re-book it when your funds are settled. This can cause a variation in the exchange rate and also costs associated with selling back the trade. It’s important that you settle the conversion by the specified settlement date and time to avoid delays or unnecessary costs.

Is Rutland FX FCA Regulated?

Rutland FX is a UK-based financial technology company (FinTech) that has assisted businesses and individuals in reducing the cost of cross-border payments and managing currency risk for over 7 years. The Rutland FX trading platform is powered by “Currencycloud,” a subsidiary of Visa. The Currency Cloud Limited is regulated and authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), under the firm reference number 900199. This authorisation level is equivalent to that of PayPal. You can verify this information by searching the firm reference number on the FCA website and checking the “Firm Status”.

How are My Funds and Account Protected?

As an Electronic Money Institution (EMI), Currencycloud is obligated to maintain adequate capital reserves and ensure the proper safeguarding of customer funds. When funds are posted to your account, e-money is issued in exchange for these funds by an EMI we work with, called Currencycloud. In line with regulatory requirements, Currencycloud safeguards your funds. This means the money behind the balance you see in your account is held at a reputable bank, such as Barclays, and is protected for you in the event of Currencycloud’s or our insolvency. Currencycloud stops safeguarding your funds once the money has been paid out of your account to your beneficiary’s account.

Under the Payment Services Regulations 2017 (PSRs) for payment instructions that are provided remotely or online, strong customer authentication must be applied. To log into your Rutland FX account, you will need to set up Two Factor Authentication (2FA). This will be done through our partner Authy or by receiving a text message to the phone number used when you originally registered. When you are making a payment to a new beneficiary, these details must be uploaded via the online portal or e-mailed into our operations team. The instructions MUST come from the e-mail account that you registered with or the beneficiary will not be uploaded.

How do I get started with Rutland FX?

To open an account with Rutland FX, you will need to register online. After submitting your application, our onboarding team will review it. If no further information is needed, your account will be enabled the same day. At this stage, your account manager will also contact you to address any final questions and guide you through the platform.

Still not sure?

If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback below to discuss your requirements.