Market Update - GBP INR

No change from the Bank of England yesterday. That outcome was widely expected, so the market's reaction was minimal. Sterling has recovered over 15% from the January lows, but the longer term trend for the Sterling/Rupee exchange rate is still negative. Since October's sharp rally we have seen a few weeks of sideways/lower drift, which means sterling is losing any short term impetus. If we continue to drift below trend support at 74.00 we would be expecting a continued decline towards the January lows around 66.00.


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