Sell GBPINR; target of : 101.85 : ICICI Direct

Rupee

ICICI Direct's currency report on GBPINR

The pound depreciated more than 0.60% on Tuesday amid an uptick in the US dollar and decline in UK 10 years bond yields. Further, the pound dropped after data showed Britain recorded a bigger-than-expected budget deficit of £21.53 billion ($26.87 billion) in March, capping off the fourth-highest borrowing for a financial year since records started • The pound is expected to trade with a negative bias amid strong US dollar. Further, the pound may be pressurised as labour productivity in the UK, as measured by output per hour worked is expected to drop by 0.3%. GBPINR is likely to break the level of 20 DMA at 102.00 to trade in a downward trend towards the key support level of 101.85.

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