GBPINR Recovers Well Above 104; Up 0.4% For The Day

Published on Jul 04, 2023 17:06

UK pound is gaining momentum as dollar stalls recovery ahead of FOMC minutes and non-farm data due this week. Weakening manufacturing growth is seen adding to concerns of a US Federal rate hike. On the other hand, Bank of England is seen stern on rate hike to address stubborn inflation in the UK. GBPUSD is currently trading higher by 0.2% at $1.2719. On the NSE, GBPINR futures July month contract is seeing recovering well on Tuesday, adding gains above 104 mark. The counter is up 0.4% at 104.31, as compared to previous close at 103.90.