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As with any other currency pair, the GBP to INR exchange rate fluctuates based on supply and demand on the international market.
Inflation rates, interest rates, imports and exports, the political climate, and economic conditions are a few of the key factors that affect the fluctuation of currency values.
Even though the Bank of England is expected to raise interest rates by 75 basis points, which would be the biggest increase since 1989, economists predict that policymakers will take a more dovish stance in the future as the likelihood of a recession rises.
As U.K. inflation reached a 40-year high of 10.1% in September this year, the Bank is anticipated to increase its main lending rate for the 8th time in a row. However, slower growth momentum and a significant change in fiscal policy are expected to limit calls for further aggressive monetary tightening.
The new prime minister, Rishi Sunak, dropped the controversial tax cuts at the centre of his predecessor Liz Truss' fiscal policy plan, so there is no longer a conflict between monetary and fiscal policy.
The government's U-turns, which reduced market turbulence, mean that the Monetary Policy Committee (MPC) of the Bank won't have to counter the additional inflationary impact of government policy as it considers the possibility of future weaker growth.
In light of what is likely to be a less generous household and business energy cost assistance scheme under Sunak, Goldman Sachs economists on Monday downgraded their 2023 U.K. growth predictions from an annual rate of -1% to -1.4%.
Following Liz Truss' dismal fiscal policy statements in late September, the pound hit a record low versus the dollar. However, with Sunak's appointment and his decision to keep the more moderate Finance Minister Jeremy Hunt, the pound has since recovered somewhat.
When sending money to a foreign country, you need to take the current exchange rate into consideration. Take, for instance, the case of sending money from the UK to India. When you send money to India at a time when the exchange rate is favourable, the amount of money that your recipient receives will be higher.
Today’s GBP to INR exchange rate (as of November 27, 2022) is 98.7572 INR per 1 pound as per Pound Forecast.
Monthly GBP to INR Forecast 2023
Month | Open | Min-Max in INR | Close | Averaged |
January | 1 GBP/102.05 INR | 102.05-106.69 | 1GBP/105.11 INR | 103.98 |
February | 1 GBP/105.11 INR | 101.99-105.11 | 1 GBP/103.54 INR | 103.94 |
March | 1 GBP/103.54 INR | 98.92-103.54 | 1 GBP/100.43 INR | 101.61 |
April | 1 GBP/101.09 INR | 99.43-102.45 | 1 GBP/100.94 INR | 100.81 |
May | 1 GBP/92.09 INR | 97.53-100.94 | 1 GBP/99.02 INR | 99.61 |
June | 1 GBP/99.02 INR | 99.02-102.42 | 1 GBP/100.91 INR | 100.34 |
July | 1 GBP/100.91 INR | 96.41-100.91 | 1 GBP/97.88 INR | 99.03 |
August | 1 GBP/97.88 INR | 94.93-97.88 | 1 GBP/96.38 INR | 96.77 |
September | 1 GBP/96.38 INR | 95.97-98.89 | 1 GBP/97.43 INR | 97.17 |
October | 1 GBP/97.43 INR | 95.49-98.39 | 1 GBP/96.94 INR | 97.06 |
November | 1 GBP/96.94 INR | 96.18-99.10 | 1 GBP/97.64 INR | 97.47 |
December | 1 GBP/97.64 INR | 93.84-97.64 | 1 GBP/95.27 INR | 96.10 |
Source: Pound Forecast
Even though you can send money through your banks, this is not the best option for sending money abroad. The good news is that the market is flooded with companies specialising in money transfers.
PassTo is one such company that offers money transfer services from the UK to several countries and could be your best option for transferring money from GBP to INR.
It is a London-based money transfer app that was introduced in late 2019 to offer simple, affordable money transfer services that save time, effort, and money. It primarily targets expats living in the UK.
PassTo has a lot to offer when it comes to transferring money:
PassTo fees are always shown upfront before you make your transfers. Do note that the fees will vary based on the destination country, the payment method, and the delivery method.
PassTo uses an in-house algorithm that compares the exchange rates on behalf of its customers to provide the best exchange rates when sending money abroad.
Even though there are several variables that affect the rates, you'll be able to view the best rates for the currency corridor you've chosen so that you can estimate how much money your recipient will receive.
PassTo can deliver your money in as little as a few minutes, making it one of the fastest transfer services available. For some countries, it can show up the same business day or the day after.
You can typically send up to £2,000 per day, £10,000 per month, and £50,000 annually. However, the limits will vary from country to country.
You can fund your transfers using debit cards, bank transfers, and credit cards.
Transfer money to bank accounts, mobile wallets, Cash Pickup agents, and airtime top-ups.
Refer your 3 friends to PassTo and earn a £50 gift when they make their first transfer of at least £200 each. Your friends will also get a £5 gift each. You can visit their website to learn more about their rewards program.
Here is a step-by-step guide to transferring money using PassTo:
By using PassTo, you can send money internationally with transparent fees, the best exchange rates, and a platform that is both safe and simple to use. Use PassTo to send money from the UK to India today!
To compare all exchange rates, fees, and transfer speeds, use our online comparison tool for GBP to INR here.
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