GBPINR Turns Around As Soft UK Housing Data Arrests Upside

Published on Jul 17, 2023 15:31

The Indian Rupee turned around against the British Pound today after the recent array of losses. The GBPINR futures on the NSE are currently quoting at 107.41, down 0.35% on the day after approaching near an all-time high near 108 mark in last session. GBPINR has zoomed up recently amid talks of the Bank Of England extending its interest rate hike spree. The pair opened sharply lower today as local equities hit yet another fresh high and the Pound registered some losses against the US Dollar. The market players digested a slightly tepid reading on the UK house prices. According to the latest Rightmove house price index, house prices dropped 0.2% in July, compared to a flat reading in June.The national average asking price is now 371,907 Pounds, around 0.5% higher than July 2022 and the lowest annual growth since November 2019.