GBP Off Two Week Low Against US Dollar, GBPINR Gains Throughout Session After Sharply Lower Open

Published on Oct 16, 2023 14:51

The British Pound has edged up marginally against the US dollar after the latest spate of losses. The GBPUSD pair slipped to a two week low of 1.2130 in last session amid a good rebound in the US treasury yields. The US dollar was benefiting from safe haven demand amid worries over escalating violence in the Middle East. Pound eased out as a result as a decline under 1.2200 extended. However, the US dollar index softened today as risk appetite held steady and the Pound found some support. The GBPUSD pair currently quotes at 1.2169, up 0.25% on the day. On the NSE, the GBPINR futures are quoting at 101.33, down 0.09% on the day but the counter has generally trended up during the session after a sharply lower opening.