- Summary:
- The GBP to INR exchange rate is constantly rising as the demand for Indian rupee remains low. Bulls may soon target the 106.77 level.
GBP/INR is constantly rising as the pound keeps extending its gains against the US dollar. As a result, the GBP to INR rate is also targeting new all-time highs after a major breakout. Therefore, the uptrend in the currency pair may continue for a while.
The recent strength in the British pound and euro can be attributed to the falling DXY index due to a major shift in the macroeconomic sentiment. Consequently, most analysts believe that the tightening cycle of the US Fed is nearing its end.
The rally in the GBP/USD has resulted in a surge in the British pound to Indian rupee exchange rate as well. This is because the demand for the greenback remains elevated among Indian corporates and importers. The rising oil prices are further solidifying this trend.
In the chart below, it is quite evident the bulls have finally overcome the supply zone, which is below 104 points. Consequently, it could be only a matter of time before the pair tags the 2013 peak of 106.77 which is present just a few points below its all-time high of 107.91.
