Pound Sees Volatile Trades, GBPINR Ease After Failing To Hold Above 105 Mark

Published on Aug 24, 2023 15:10

The British Pound is trying to stabilize today after a steel slide in last session took it near a one and half week low near 1.2600 mark against the US dollar today. Overall movement is volatile though. The GBPUSD pair is currently quoting at 1.2688, down 0.24% on the day. Pound lost heavily yesterday as UK private sector firms signaled a renewed downturn in business activity in August, thereby ending a six-month period of expansion. At 47.9 in August, down from 50.8 in July, the headline seasonally adjusted S&P Global / CIPS Flash UK Composite Output Index posted below the neutral 50.0 threshold for the first time since January. The latest reading was the weakest since January 2021. The US dollar index is hovering around 103.50, up marginally on the day. GBPINR futures on the NSE counter currently quote at 104.72, up around 0.15% on the day after hitting above 105 mark in morning trades.