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Buy, Sell or Transfer Pound Sterling (GBP) in India at the best exchange rates
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If you just took a trip to the UK, then you must have returned with memories that will last a lifetime and stories that you will narrate to your kid, isn’t it? While you do that, are you also looking to exchange your unused Pounds and want the best GBP to INR exchange rates? Get the most competitive Pounds to Rupees rate here.
The Pound Sterling (GBP) is the official currency of the United Kingdom. This currency is the third most held reserve currency in the world and ranks fourth in terms of trade. Not only is the Pound Sterling believed to be the oldest currency, but it is also one of the most widely converted currencies of the world.
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The charm of the United Kingdom attracts millions of tourists every year, making it one of the most desirable tourist places in the world. Owing to its attractions, many travelers convert a little more than the estimated Rupees to Pound , just to make sure that they don’t run out of foreign exchange during their UK trip. After all, who wants to go through the hassle of finding a reliable forex vendor in a foreign country? If you are one of such smart travelers, then you might have some leftover Pounds.
GBP or the British Pound Sterling is the official currency of the United Kingdom (UK). GBP is one of the most popular, strong, and highly valued currencies in the world. The value of GBP is higher than that of the US Dollar. The British Pound is also known as the quid. Owing to the value of GBP, it is not surprising to know that almost 13% of daily world trading volume is done in GBP. There are several currencies that are linked or fixed against the British Pound Sterling. For world trading purposes, often the US Dollar and Euro are also paired with the GBP.
Being one of the oldest currencies in the world, GBP continues to hold its importance and legal tender in the world economy. It is represented by the symbol '£'. The nickname for GBP is Quid and one Quid is equivalent to a hundred pence. Often the pence is used for world trading purposes. The history of the British Pound Sterling dates back to 1707 when England and Scotland came together to form a single country. Countries like Australia, Canada, and New Zealand also once used the Pound Sterling as their currency.
Prior to the introduction of the printed notes in 1855, Pound banknotes were handmade. The Bank of England is responsible for managing and administering the currency. The exchange rate of the Sterling and Euro keeps on swaying against each other and there are several reasons for the same. Let's discuss it in the later part of the article.
In very simple terms, the exchange rate is referred to the rate at which one currency is converted into another. For instance, the rate at which GBP/Sterling is covered into INR or vice-versa will be the exchange rate for these particular currencies.
Various factors together impact the exchange rate of a currency. As of today, the exchange rate, or GBP to INR is 101.61 INR per GBP. This means you need to give INR 101.61 in order to receive 1 Sterling in return. This rate of exchange is affected majorly by the economic policies and the political stability of the country. Geopolitics, international commodity prices, oil prices, debts of concerned countries, and their foreign reserves also make a huge difference in the exchange rate of a currency.
The rate of GBP to INR keeps on fluctuating based on various factors as mentioned above. If you want to convert today, you will be required to have INR 101.61 for 1 Sterling or say, 0.0098 Sterling to get one INR. Let's see an illustration to understand:
Sushmita Rana, a 40-year-old businesswoman is planning to visit her nephew who lives in England. She wants to get £1000 and so, for this, she needs to have INR 1, 01,676.66. This is because as per today's rate, 1 Sterling is equivalent to 101.61 Indian Rupees. The value of the Sterling is quite high than the INR and so, more INR is required to get 1 Pound Sterling.
You need to have GBP if you wish to travel to the United Kingdom or send money to your family and friends living there. Trading with commodities of the UK also requires the payment to be done in Pound Sterling.
If you are planning to get GBP against INR or vice-versa, you may want to have a look at the currency converter. It is an online tool designed for quick currency conversion. Enter the inputs as asked and the tool will calculate the result for you. It helps you get a quick idea of how much finances you need. As of today's rate, the calculation will be:
1 GBP/Pound/Quid= 101.61 Indian Rupees, so,
100 GBP/Pound/Quid= 10,161 Indian Rupees, and
1 INR= 0.0098 Sterling, so,
200 INR= 1.96 Sterling.
Euro and INR are often paired for world trading purposes. There are several factors, as discussed above, like political, economic, and international aspects that affect the exchange rate of the GBP to INR. The central bank of both countries looks after the rate of exchange and maintains it on a regular basis. The central bank of India is the Reserve Bank of India (RBI) and that of the UK is The Bank of England. Both these institutions fix the exchange rate. The rate of GBP to INR keeps on fluctuating on a regular basis.
The GBP continues to hold high value in the international market, however, it has also witnessed a decline over time. During the exit of Britain from the EU, popularly known as Brexit, the value of the Sterling fell, and in 2022 when Truss's government announced a tax cut, the value of the currency further fell.
On the other hand, the INR is also one of the most popular currencies and continues to grow. In recent times, the bilateral trade between India and UK has grown and it has had positive impacts on both the exchange rate and the economic conditions of both countries. Stock prices for the UK in the international market are often mentioned in GBX. It refers to the Pence since most of the trading is done in Pences and not in Sterling. It is expected that the relationship between INR and GBP will see a further rise in the future.
Thomas Cook takes pride in being one of the world’s leading forex and travel partners. Our commitment towards work has allowed us to offer travel solutions that are sure to enrich your traveling experience. Travelers from across the globe trust us for all their travel and forex requirements and it’s time you do too.
Still have doubts regarding British Pound to INR conversion rate? Speak to our forex experts today to get the best in market foreign exchange rates.
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