UK POUND AT ONE-WEEK LOW AMID DOLLAR STRENGTH OVERSEAS

Published on Mar 15, 2024 15:14

UK pound has been sliding through the week and lingering at its lowest level in a week against the dollar on Friday. GBPUSD is trading at $1.2749, down marginally on the day as dollar gained momentum following hotter than expected US data that reinforces firmer inflation level, adding to uncertainty over timing of Federal rate cut this year. The dollar index that measures the greenback against a basket of currencies ascended well above 103 mark. Going forward, the Pound awaits UK�s inflation data for February that will be published next week. This is a day before the Bank of England interest-rate decision. On the NSE, GBPINR futures are lingering in negative terrain at 105.60, down around half a percent on the day.