GBPINR plunged towards 103.42 levels in yesterday`s trading session by Heena Naik, Angel Broking Ltd
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Below are Views On Currency Update by Heena Naik, Research Analyst - Currency, Angel Broking Ltd
Currency Update
- GBPINR plunged towards 103.42 levels in yesterday's trading session and this weak trend is likely to continue in today’s session as well following the bearish trend in GBPUSD.
- Reason behind the same could be attributed to the release of FOMC Meeting Minutes which had more talk of tapering of bond purchase than investors had thought thereby pushing the DXY higher.
- Another major reason was the UK’s inflation rate that has more than doubled in April and is looking set to rise above the Bank of England’s (BoE) target of 2%.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
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