Pound Tumbles Amid Economic Concerns, GBPINR Slides Around 1%

Published on Aug 23, 2023 15:02

The British Pound tumbled against the US dollar today, sliding under 1.2700 mark and currently quotes at 1.2660, down 0.60% on the day. Economic concerns continued to weigh on the Pound as UK private sector firms signaled a renewed downturn in business activity in August, thereby ending a six-month period of expansion. At 47.9 in August, down from 50.8 in July, the headline seasonally adjusted S&P Global / CIPS Flash UK Composite Output Index posted below the neutral 50.0 threshold for the first time since January. The latest reading was the weakest since January 2021 and signaled a moderate reduction in UK private sector output. The Pound is currently at a one and half week low against the US Dollar. This movement also saw the GBPINR futures on the NSE see a steep correction and the counter currently quotes at 104.93, down around 1% on the day.