Pound Soars To 16-Month High Vs Dollar; GBPINR Fast Approaching 108 Mark

Published on Jul 14, 2023 11:06

GBPINR has catapulted above 107 mark and is expected to soon catch up with the next 108 levels if moving at current pace. The pair has seen a visible jump over the last two weeks, registering a gain of around 4%. Pound has reclaimed April 2022 highs and is hovering above 1.30 against the dollar. Pound alongside other major peers has witnessed a massive surge in recent days amid sharp sell-off in the dollar index. The dollar index that measures the greenback against a basket of currencies is seen hovering at a 15-month low below 100 mark this week as cooling inflation in US is reducing bets of a hawkish Federal stance. Data overnight reinforced hopes that US inflation was moderating and hence reducing case for sharp Federal rate hikes. The Labor Department said yesterday its producer price index for final demand crept up by 0.1 percent in June after falling by a revised 0.4 percent in May. Meanwhile, pound continues to draw support from rising bets that the Bank of England (BoE) may need to raise interest rates further to combat high inflation. GBPUSD is quoting at $1.31. Meanwhile, on the NSE, GBPINR futures are currently trading at 107.75, up almost half a percent on the day.