Pound To Indian Rupee Forecast 2024-2025

The exchange rate above reflects the current value of 1 GBP to INR, updated for today. This represents the mid-market exchange rate and may differ from the rate you’ll receive from Rutland FX. You can obtain a personalised quote here.

Next 7 Days Next 30 Days Next 90 Days Next 365 Days
Low 104.0502 103.6529 103.3482 102.9005
Mid 104.5310 104.5624 104.6564 105.0541
High 105.1059 105.7854 107.1577 111.3259

Above is the most recently updated pounds to INR forecast, it illustrates the potential high and low ranges for the pound to INR exchange rate. This analysis is grounded in quantitative assessments of the exchange rate, drawing on historical price data dating back to 1997, following the removal of the exchange rate peg. The forecast employs a backward-looking returns distribution and an average true range calculation over multiple time horizons to offer an indication of where the exchange rate could trend. However, it’s essential to recognise that ultimately, the rate will be primarily driven by fundamental economic factors, which can be found further down on this page. It’s crucial to note that no information on this page or website should be construed as investment advice. Additionally, this page is routinely updated with the most recent forecast ranges for the British Pound to Indian Rupees exchange rate.

What Influencing the GBP to INR Exchange Rate Today?

Similar to many currencies not governed by a pegged regime, the primary drivers of the 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.

Latest Key Economic Data for UK and India
10 Year Treasury Inflation Rate Interest Rate Manufacturing PMI
UK 4.17% 3.20% 5.25% 49.1
India 7.13% 4.85% 6.50% 58.6

On April 5th, 2024, the Reserve Bank of India made the decision to keep its interest rates steady at 6.50%, signaling a unified stance towards gradually retracting economic stimulus measures and placing greater emphasis on achieving their 4% inflation target. The majority vote of 5-1 underscored the central bank’s dedication to this strategy, highlighting their commitment to fostering a stable economic environment.

In contrast, on May 9th, 2024, the Bank of England opted to maintain its interest rates at 5.25%. However, during the accompanying statement, they hinted at the possibility, albeit without a firm commitment, of implementing a rate cut in June. This potential adjustment was contingent upon the forthcoming inflation data between the May and June meetings, suggesting a data-dependent approach to monetary policy decision-making.

Convert-GBP-to-INR

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 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. If you’d like to compare rates before signing up, you can request a quote here.

What is the Maximum Transfer?

The maximum transfer for INR is:

  • INR 1,500,000 per beneficiary per day
  • INR 1,500,000 limit per invoice.

What does it Cost?

Rutland FX does not charge any transfer fees; however, we will apply a small markup to the exchange rate based on the volume you are converting. If you’d like to get a quote before you sign up, you can request one here.

How Long Does It Take?

We currently offer next-day payments to India. This means that if you book your conversion today, the payment will be dispatched the following day and usually reaches your recipient within 1-2 days. However, it’s crucial to ensure that the funds to settle your conversion reach us by 15:30 the following day; otherwise, the trade will be canceled. Please note that if trades are canceled by our back-office team, it may incur costs.

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-IFSC-Code

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 scheme 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 crucial to ensure smooth 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.

multi-currency-account

What about Intermediary Fees?

Intermediary (corresponding bank) fees are small charges, deducted from a small 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. However, if such fees are applied, the amount deducted depends on the intermediary banks involved in that specific payment route.

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 two value dates:

  • “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 “Currency Cloud,” 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 here. 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.