UK Pound Extends Slide Below $1.24; GBPINR Stays Muted

Published on Sep 18, 2023 14:19

UK pound extends slide around a three and half month low against the dollar on Monday. GBPUSD gave up $1.24 levels and is currently quoting at $1.2375, down 0.06% at the start of the week. Dollar index recovering back above 105 mark, its highest levels in six-month is keeping pound under sustained pressure alongside other major peers. Improving data from the US is raising hopes that the Fed could keep interest rates high for longer period of time, pushing US benchmark 10 year bond yields and dollar higher. Risk sentiment is taking a toll ahead of UK consumer prices data coupled with Fed and BoE rate decision this week. UK equities also took a hit with FTSE 100 index staying muted after the rally in the prior week. On the NSE, GBPINR September futures contract is trading mostly choppy at 103.08, down 0.2% as compared to previous close.