On Friday - Domestic currency (Rupee) likely to start trading with range bound with positive note as dollar index rose to a one-week high, but was last little changed on the day, as risk appetite diminished.
On last trading session (Thursday ) Interbank forex market, the local unit opened on a weak note at 73.74/75, and finally closed at 73.65/66 against the greenback, registering a fall of 14 pips over its last close. During the session, the domestic unit witnessed an Intra-day high of 73.6350 and a low of 73.79 against the greenback.
India reported another record jump in daily corona virus infections with 97,894 cases in the last 24 hours, data from the health ministry showed on Thursday.
India's minister for food processing resigned on Thursday over her opposition to planned laws to allow farmers to sell produce directly to bulk buyers and make contract farming easier, saying the legislation will hurt millions of the country's farmers.
INTRADAY RANGE - 73.39 ( 73.55 - 73.75 ) 73.95
BANK OF ENGLAND
Bank of England kept rates unchanged and acknowledged the rebound in the economy is ahead of expectations, cooling investor expectations that easing at its next meeting is a foregone conclusion.
Interest Rates at 0.1% and the asset purchase target at £745bn and hinted that reiterated that it stands ready to "adjust" monetary policy to meet to support the recovery.
Despite the faster pace of economic recovery, the bank left the door open for negative interest rates as additional policy measures to keep the economy on track should a second wave of corona virus or a wobble in the labor market trigger a slowdown.
The central bank pointed to U.K. economic data as justification that its policies were supporting the recovery and acknowledged that GDP and inflation had recently been running above the estimates given in the August monetary policy report.
GBPUSD resistance level of $1.30 hold, the price will reverse and continue on the bearish trend, the support level to watch out are $1.28, $1.26, and $1.25. In case the resistance level of $1.30 does not hold, the price may test the $1.32 and $1.34 price level.
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