UK Pound Hits 15-Month High Against Dollar; GBP INR Breaches Yet Another Crucial 106 Mark

Published on Jul 11, 2023 12:36

UK pound hits a 15-month high on Tuesday following data that showed that pay growth exceeded expectations. Growth in employees` average total pay (including bonuses) was 6.9% and growth in regular pay (excluding bonuses) was 7.3% in March to May 2023. For regular pay, this equals the highest growth rate, which was also seen last month and during the coronavirus (COVID-19) pandemic period for April to June 2021, figures from the Office for National Statistics showed on Tuesday. This is seen adding pressure on the Bank of England to keep raising interest rates. Meanwhile, UK ILO Unemployment Rate inched higher to 4.0% in the quarter to May from the 3.8% seen during the three months to April, data showed today. The Claimant Count Change, that is the change in the number of people claiming unemployment-related benefits during the previous month jumped by 25.7K in June, as against the previous month`s -22.5K. GBPUSD breached $1.29 mark for the first time since April last year. Meanwhile, on the NSE, GBPINR futures broke yet another record level to hit 106 mark. The pair hit an intraday high of 106.32 and is currently quoting at 106.23.