History of INR GBP

Abbreviated as the British Pound Sterling ,is the official currency of the United Kingdom
and its notes are available in denominations of £5, £10, £20, and £50.

Besides being the UK’s national currency, GBP is also accepted in places including South
Georgia, Gibraltar, and the Isle of Man. The Great Britain Pound holds a strong position in
the currency market as its worth has been more than USD for 20 years.

Ranked after the Japanese Yen (JPY), the pound sterling is the fourth most actively traded
currency in the forex market. The issuance of GBP banknotes is undertaken by the Bank of
England. In Scotland and Northern England, seven banks are legally authorized to issue
banknotes whose flow is also under the control of BoE. In fact, the U.K government has
entrusted the Bank of England with the responsibility to regulate the money supply in
the country.

The pound is one of the world’s oldest currencies. The word “pound” finds its roots in the
Latin phrase – “libra pondo”, a term which was indicative of weight in ancient Rome. The
usage of the pound dates back to the Anglo-Saxon era in 775 AD when it was recognized as a
unit of currency. Back in Anglo-Saxon England, 1 GBP was worth 240 silver pennies. The
first time the pound coin emerged was in 1489 when Henry VII was the monarch of England.

GBP was officially divided into 100 pence in February 1971. Today, 100 pence constitutes 1
pound.

Historical events that noticeably impacted GBP to INR rate

Noticeably impacted GBP to INR rate over the years.

1. Devaluation of the pound in 1949

UK’s Labor Chancellor Hugh Dalton put forth a deflationary budget proposal in 1947  to
enhance balance of trade and handle the management of excessive debt. The Dalton
devaluation move was intended to scale back inflation and stabilize exchange rates.

In fact, Dalton was compelled to quit his position as his proposed plan  didn't end
up to be as successful as he claimed it might

2. Pound in your pocket” devaluation – 1967

The 1967 pound in your pocket devaluation led by Prime Minister Harold Wilson was  an
effort to induce economic process . Sadly, the move clothed to be a national failure on all
fronts. Wilson assured the citizens during a live broadcast that the devaluation which
was close to follow would haven't any adverse effect on the “pound in their pocket”.

On the contrary, the worth of the pound underwent a substantial devaluation of 14%,

thereby rendering 1 pound adequate to $2.40.

4. Global financial crisis of 2008

The onset of the worldwide financial crisis of 2008 paved the way for the UK's biggest
economic recession. While it's difficult to pin down the basis explanation for the crisis, it had
been caused by variety of things including poor financial regulation, sloppy investment
decisions, etc. The crisis had a deterioration within the UK economy as retail sales fell
significantly.

 The important estate market crashed and big-name builders announced cuts to avoid
losses. In 2009, at £ 1 = $ 1.35, British pound hit its highest low against the USD in 24
years.

3. Outbreak of corona virus pandemic – 2020

We all know that the outbreak of Covid-19 caused substantial job losses and halted the
progress of businesses across sectors. The pandemic detrimentally impacted trade in countries
all around the world and the UK’s economy was no exception. The worst part is that the
value of GBP fell to its lowest level since 1985 with the value of 1 pound coming down to
USD 1.39.

Value of 1 GBP to INR since 1947 to 2000

Given below is a table listing the value of 1 GBP in relation to INR from 1947 to 2021.
 
YEAR 1 GBP to INR YEAR 1 GBP to INR
1947 13.33 2003 76.05
1949 13.33 2004 80.96
1966 17.76 2005 80.15
1987 21.18 2006 83.36
1988 24.75 2007 82.73
1989 26.52 2008 79.97
1990 31.07 2009 74.56
1991 40.1 2010 70.65
1992 45.48 2011 74.77
1993 45.73 2012 84.41
1994 48.01 2013 91.6
1995 51.17 2014 100.41
1996 55.28 2015 98
1997 59.44 2016 90.72
1998 68.33 2017 87.56
1999 69.66 2018 98.51
2000 67.99 2019 95.06

 In 2021, exchange rate is, 1 GBP = 101.034 INR

Some analysts have said that the bounce is down to the fact a large Conservative
majority means Boris Johnson could get his Brexit deal through Parliament more
easily, removing some uncertainty.
Sterling has followed a similar pattern against the euro.