Last week, GBPINR traded lower by 1.33 percent owing to the following factors:
*UK parliament passes Brexit bill as Scotland demands referendum.
*Expectation of US rate hike in Mar’17 FOMC Meeting dented the demand for Sterling Pound.
*Recent Spring Budget statement had the following updates:
*An upgrade in growth and borrowing forecast this year.
*More spending in infrastructure sector.
*No rise in income tax rates however, hiked National Insurance contributions.
*Even the robust spring budget could not boost the sterling pound; all thanks to the looming Brexit negotiation concerns.
*From a weekly perspective, GBPINR spot (CMP-80.47) is expected to trade lower towards 80- mark after the UK parliament passed the Brexit bill and opened ways for the UK government to trigger Article 50 by the end of Mar’17. this has led to fears in the markets prompting traders to invest in assets other than sterling pound.
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