BRITISH POUND RECOVERS AFTER BRIEFLY SLIPPING BELOW $1.28; GBPINR OFF INTRADAY LOWS

Published on Jul 28, 2023 16:23

UK pound recovered slightly after hitting a three week low under $1.28 mark earlier in the day after dollar registered strong overnight gains on the back of improved data from the US. Dollar strengthened as a slew of positive data showed that US economy may avoid a recession and also pave way for the central bank to continue focus on inflation. GBPUSD is currently holding at $1.2836, up 0.25% on the day. Pound is seen gathering momentum as UK benchmark bond yields are staying firm at 4.33% ahead of BoE monetary policy next week where the central bank could possibly raise rates to curb stubborn inflation. On the NSE, GBPINR futures trimmed intraday losses but still remain half a percent lower on the day. Currently, the pair is seen at 105.59, down 0.59% on the day.