A CPP giant magnetoresistive head includes lower and upper shield layers with a predetermined distance therebetween, and a giant magnetoresistive element (GMR) including pinned and free magnetic layers disposed between the upper and lower shield layers with a nonmagnetic layer interposed between the pinned and free magnetic layers. A current flows perpendicularly to the film plane of the GMR. The magnetoresistive head further includes an antiferromagnetic layer (an insulating AF of Ni—O or α-Fe2O3) provided in the rear of the GMR in a height direction to make contact with the upper or lower surface of a rear portion of the pinned magnetic layer which extends in the height direction, and an exchange coupling magnetic field is produced at the interface with the upper or lower surface, so that the magnetization direction of the pinned magnetic layer is pinned by the exchange coupling magnetic field in the height direction.