Covered Interest Parity

Hi all,

I am trying to solve the following:

I am trying to obtain an equivalent between GBP LIBOR 6 months + 3.5% to Indian Rupee for a five year maturity.

I have the following info:

GBP/INR spot = 86.21

GBP/INR fwd (5 years) = 106.58

I guess the first step would be to swap the LIBOR 6 months + 3.5% into fixed and then by the Covered Interest Parity (“CIRP”) formula change it into Rupee?

CIRP = (1+i(INR)) = Fwd(GBP/INR) / Spot(GBP/INR) (1+1(GBP))

I am just not sure how to apply the formula, any help would be much appreciated! If useful, base interest rates in India are at 8% and UK 0.5%.