British Pound Lingers At One-Month Low Against Dollar; GBPINR Gives Up Intraday Gains

Published on Aug 08, 2023 16:36

The British pound is trading lower at a one-month low on Tuesday, battered by strength in the US dollar overseas. Waning risk sentiment on the back of weak china data is increasing bid for the safe haven dollar which in turn is adding pressure on major peers. Meanwhile, investors stay cautious ahead of US inflation data due this week. GBPUSD pair is trading down by half a percent on the day at $1.2723. Data today revealed UK showed signs of resurgence in July, according to the latest figures from British Retail Consortium (BRC). July witnessed a promising 1.8 per cent growth in total footfall year-on-year (YoY), bouncing back from the previous month`s decline of 1.9 per cent. Meanwhile, on the NSE, GBPINR reduced intraday gains and is currently staying close to the red line at 105.47.