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British Pound Struggles At Six And Half Month Low; GBPINR Down More Than 1%

Published on Oct 03, 2023 14:49

The British pound is struggling to recover from a more than six month low against the dollar on Tuesday. Strong bullish sentiment surrounding the dollar kept the pound under persistent pressure taking the pair below $1.21 mark. Currently, GBPUSD is seen quoting at $1.2092, down 0.18% on the day. The dollar index witnessed a massive surge towards the next crucial 107 mark on the back of soaring benchmark US treasury yields above 4.7% amid risk off sentiments globally. Data from UK showed this week that manufacturing PMI continued to stay in contraction mode for the 14th straight period. The British Retail Consortium (BRC) reported annual shop price inflation at 6.2%, the lowest since September 2022 and at a slower pace than 6.9% in August. On the NSE, GBPINR October futures moved sharply lower by more than 1.3% at 100.66, giving up 102 and 101 levels during intraday moves.

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