GBPINR Gains, UK`s FTSE100 Hits Two Week High

Published on Aug 30, 2023 13:15

The British Pound is trading in a narrow range against the US dollar today after some buying emerged in the currency in last session amid some selling in the US dollar. GBPUSD was positioned for some losses after tepid reading on inflation. Shop price inflation in the UK slowed to its lowest level in 10 months in August, according to new data out from the British Retail Consortium (BRC). However, a couple of weak US data releases capped the losses for the Pound as the pair was back above 1.2600 mark. It currently quotes at 1.2631, almost unchanged on the day. Up ahead, UK money supply and mortgage approvals data is due and the overall movement is likely to be choppy. Supportive UK equities can keep Pound underpinned as FTSE100 has edged up by half a percent to a two week high. The GBPINR futures on the NSE are edging up throughout the session amid these cues and currently quote at 104.64, up 0.32% on the day after topping a high of 104.72 earlier in the day.