A considerable amount of money flows between the UK and India each year. In 2016, more than U.S. $3.58 billion was sent from the UK to India as remittances. In the same year, around U.S. $4 million was sent in the opposite direction. In 2015, bilateral trade of goods and services between both regions exceeded £16 billion.
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The pound sterling is the oldest currency that is still in circulation. Its use as a unit of currency in the United Kingdom dates back to 775 AD. Its use as legal tender is also seen in the British Antarctic Territory, Guernsey, Isle of Man, Jersey, Tristan da Cunha, as well as South Georgia and the South Sandwich Islands.
The pound sterling was the world’s most preferred reserve currency for more than a century, until the region’s economy was adversely affected by both World Wars. It is now forth on the list of global reserve currencies. It is also the fourth most commonly traded currency in the world. In April 2016, the share of the pound sterling in the global foreign exchange market turnover was close to 13%.
|Nicknames||Quid, pound, bread, moolah, nicker, bones, |
dough, readies, folding stuff, paper
|Bank notes||GBP 1, GBP 5, GBP 10, GBP 50, GBP 100|
|Coins||1p, 2p, 5p, 10p, 20p, 50p, GBP 1, GBP 2|
India is among the world’s oldest issuer of coins. Some experts opine that the use of the rupee in some form began in the 6th century BCE. The word rupee comes from “rūpyakam”, a Sanskrit word that translates to a “coin of silver”. There are records of the issuance of silver coins referred to as “Rupiyas” from 1540 to 1545, during the reign of Sher Shah Suri.
In 1947, when India gained independence from the British, currencies of previously autonomous states in the region were replaced by the rupee. The rupee was decimalized in 1957, brining into effect the naye paise system. From then, one rupee was divided into 100 paise.
The value of the Indian rupee relied on a par value system from 1947 to 1971, with its value pegged to gold. From 4.15 grains of fine gold in 1947, it dropped to 2.88 grains of fine gold in 1949, and then to 1.83 grains of fine gold in 1966. The value of the rupee remained constant from 1996 to 1971.
In 1971, the value of the Indian rupee was pegged to the pound sterling. In 1975, the peg moved to a basket of currencies. India stopped relying on the peg system completely by 1991.
Use of the Indian rupee is seen in Nepal, Bhutan, Bangladesh, and Zimbabwe. In April 2016, the Indian rupee’s share in the international forex market turnover was 1.1%, making it the world’s 18th most commonly traded currency.
|Currency symbol||, Rs|
|Bank notes||Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, |
Rs 100, Rs 200, Rs 500, Rs 1,000
|Coins||Rs 1, Rs 2, Rs 5, Rs 10|
Pound Sterling / Indian Rupee Historical Rates
After the 1816 Great Recoinage, the silver-backed Indian rupee devalued considerably against the British pound and other currencies pegged to the gold standard. By 1850, one Indian rupee valued at £0.50. From World War I to World War II, and until the Bretton Woods agreement was in effect, the value of the rupee hovered at around Rs 13 against the pound sterling.
Pegged against the pound sterling until 1966, the Indian rupee was then pegged to the U.S. dollar until 1975. The rupee made a switch to a completely free floating system in 1993. This move, in a way, determined the actual value of the rupee. By January 1993, the rupee was trading at over Rs 46 against the pound sterling. By August 1998, the rupee had breached the Rs 70 mark against the pound sterling. It crossed the Rs 80 mark against the pound sterling toward the end of 2003. From then, until the end of 2006, the rupee traded in between Rs 75 and Rs 85 against the pound sterling.
The global financial crisis of 2008 did not have too much of an adverse effect on India. The rupee gained in value intermittently from then until mid 2010, trading at around Rs 68 against the pound sterling in May 2010. However, encouraging growth figures from the UK in the following years saw the pound sterling appreciating against the Indian rupee as well as other major currencies. By August 2013, the rupee was trading at over Rs 100 against the pound sterling.
The rupee gained some lost ground from mid 2015 to early 2017, trading at around Rs 81 against the pound sterling in October 2016. It has depreciated gradually since then, and was trading at around Rs 92 against the pound sterling in August 2018.
GBP/INR in the last five years
|GBP 1 =|
|1 July, 2013||Rs 92.548|
|1 July, 2014||Rs 102.254|
|1 July, 2015||Rs 99.975|
|1 July, 2016||Rs 88.158|
|1 July, 2017||Rs 84.840|
GBP/INR in the last five months
|GBP 1 =|
|1 March, 2018||Rs 91.275|
|1 April, 2018||Rs 91.525|
|1 May, 2018||Rs 89.685|
|1 June, 2018||Rs 90.425|
|1 July, 2018||Rs 89.864|
What Affects GBP/INR Rates?
GBP/INR exchange rates have experienced noticeable volatility in the last decade. Factors that tend to have a bearing on how this currency pair performs include interest rate differentials between regions, as well as changes in monetary policies, inflation, investor sentiment, public debt, foreign trade, and the political climate surrounding both countries.
If you plan to transfer money from the UK to India or send money from India to the UK, pay close attention to the GBP/INR rate you get. That, along with the fees you have to pay, decide the actual cost of your transfer. To save some money, make sure you compare your options well.