Sell GBPINR; target of : 99.05 : ICICI Direct
- ByStartupStory | April 19, 2022
ICICI Direct’s currency report on GBPINR was released recently. The pound depreciated by nearly 0.37% yesterday amid a strong dollar and as world bank slashed its global growth outlook. Further, pound slipped on a lack of clarity on how much aggressive BOE will be this year regards to its monetary policy. The pound is also expected to trade with a negative bias amid risk aversion in global markets and the presence of a firm dollar.
Market sentiments were hurt by worries over supply chain disruption, escalating geopolitical tensions due to Russia’s invasion of Ukraine, and major central banks across the globe adopting aggressive monetary tightening policies to help combat inflation.
Investors further were advised to remain vigilant ahead of the IMF meeting to see whether it cut its global growth forecast and by how much. GBPINR(British Pound/Indian Rupee)
(April) is expected to trade in a range between 99.50-99.05.
ICICI Direct, since its inception in the 1990s has earned a name for itself in the stock market by providing online share trading at low brokerage rates.
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