GBPINR Futures Soar Near 105.80 Mark As Pound Stabilizes Against Dollar

Published on Jul 26, 2023 13:34

The British Pound has edged up impressively against the Indian Rupee today as a bounce in the GBP yesterday is playing out today. Pound tested a two week low and currently quotes around 1.2900 mark. GBP recovered following a tepid PMI data from UK. S&P Global/CIPS United Kingdom Composite PMI fell to 50.7 in July 2023, down from 52.8 in the previous month. Flash Manufacturing PMI came in at 45.0 whereas services PMI at 51.5, both sharply lower in July, highlighting a considerable slowdown in business activity growth across the UK private sector economy. The latest rise in output levels was the weakest for six months, largely due to flat lining new orders and sharply reduced backlogs of work. On the NSE, GBPINR futures are trading at 105.79, up 0.69% on the day.