Pound Off One Week Low Against Dollar, GBPINR Tests 105 Mark

Published on Aug 11, 2023 16:17

The British Pound eased near a one week low against the US dollar today before witnessing some buying as a tepid reading on economic growth weighed on the currency. According to the data released by the Office for National Statistics, UK monthly real gross domestic (GDP) is estimated to have grown by 0.5% in June 2023, following a fall of 0.1% in May 2023 and growth of 0.2% in April 2023. For the second quarter, UK GDP shows that the economy increased by 0.2%. The GBPUSD pair cut some losses though and currently trades at 1.2714, up 0.15% on the day. The overall sentiment remains choppy for the Pound as the FTSE100 index has tumbled more than a one percent. Meanwhile, on the NSE, the GBPINR futures fell to a low of 105 in early moves, recording a sharply lower open. The counter currently quotes at 105.23, down 0.34% on the day.