Buy GBPINR; target of : 106.40 : August 22, 2023: ICICI Direct

Rupee

ICICI Direct's currency report on GBPINR

Pound edged higher aided by weakness in dollar and rise in government bond yields. For the day, the pair is expected to move north towards 1.2820 level as long as it stays above 1.2730 level amid soft dollar and on anticipation that BOE will continue to hike rates. Further, pound may rally on expectation of improved economic data from Britain. GBPINR is likely to move higher towards 106.50 level as long as it trades above 105.70 levels.

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