Pound Holds Steady, GBPINR Futures Hit 102 Mark In Intraday Moves

Published on Oct 10, 2023 13:30

The British Pound is quoting steady above 1.2200 against the US dollar today as the market wait for the release of Bank Of England (BOE) Financial Policy Committee`s most recent meeting summary. Meanwhile, some welcome softening in grocery prices is assisting the Pound. Media reports noted that an update from Kantar showed that UK`s grocery price inflation eased for the seventh month in a row in the four weeks to 1 October, to 11% - the lowest rate since July 2022. The GBPUSD pair currently quotes at 1.2230, up marginally on the day while the US dollar index lingers under 106 mark. Pound is also finding good support from the surge in UK equities with the benchmark FTSE100 index soaring by more than 1% to hit a two week high. On the NSE, the GBPINR futures are currently quoting at 101.88, up 0.41% on the day after managing to test 102 mark in intraday moves.