2023-07-13 15:20:24
LONDON • The Indian rupee eased against the UK pound after a long hiatus. With this, the value of one UK pound became Rs 107.30. In 2022, the value fell to Rs 86 in a few months. After Rishi Sunak became Prime Minister, the value of the pound crossed 100 INR. But in the interim it had gone down to 100. Currently, the rise in the value of the pound is a benefit to Malayalis, including those who send money back home.
The pound benefited from a rise in interest rates in the UK and a slight weakening of the dollar in global markets. But the rise in the value of the pound is a setback for those who are planning to sell their properties in the country and send money to the UK. The current rate increase is beneficial for those who come to the UK to work on a student visa and those who work on a post-study work visa after their studies. Most of the people who send money back home belong to these categories.
Those who have settled in the UK as a family usually spend the money they earn here. For them, the appreciation of the Indian value of the UK pound is unlikely to bring much benefit. In March 2023, the UK pound depreciated to INR 97.07 and crossed 100 again in April. Now stands at the best value of 107.30.
English Summary: Rupee hits 107 against uk pound
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