UK POUND ATTEMPTS TO REGAIN $1.27 MARK; GBPINR RALLIES IN OPENING TRADES

Published on Dec 22, 2023 09:41

UK pound is staying mostly flat in early Asia despite a late rally against the dollar yesterday and continues to linger below $1.27 mark. Recent downbeat inflation data from UK is keeping the currency under pressure. Meanwhile, the dollar index that measures the greenback against a basket of currencies is trading at 101.50, marginally unchanged on the day amid weak set of data yesterday and cautiously awaiting US PCE data later in the day. On the domestic docket too, UK Office for National Statistics will publish the monthly retail sales data along with the final Q3 GDP print. GBPUSD is currently quoting at $1.2689, largely unchanged on the day and recovering from a one-week low hit yesterday. On the NSE, GBPINR futures jumped with a gap up opening of more than 10 bps and are staying optimistic at 105.56, up 0.23% on the day.