UK Pound Attempts Recovery From Eight-Week Low Against Dollar; GBPINR Well Below 105 Mark

Published on Feb 06, 2024 12:10

GBPUSD is attempting mild recovery from an eight week low registered in the previous session on the back of massive strength in dollar overseas. The dollar index bounced above 104 mark on Friday following robust jobs report and continues to hover around the level amid reduced bets of an early Federal rate cut. Meanwhile, easing inflation and weak consumer demand saw total retail sales across the UK rise by just 1.2%, a plunge from the year-on-year growth of 4.2% seen in the same month in 2023, according to the British Retail Consortium (BRC)-KPMG Retail Sales Monitor. GBPUSD is quoting at $1.2553, up 0.13% on the day. The counter gave up $1.26 mark yesterday. Meanwhile, on the NSE, GBPINR is trading at 104.35, down 0.32% on the day.