UK Pound Holds Above $1.28 Mark; GBPINR Futures Well Supported

Published on Mar 14, 2024 15:48

UK pound is attempting sustained recovery above $1.28 mark on Thursday even as investor await fresh guidance on further central banking actions. The dollar index staying close to 103 mark ahead of a slew of US data later in the day is limiting gains in the pound. The dollar index climbed to 103.32 on the back of firm inflation levels reported this week although pared some of its gains as expectations of a Federal rate cut is not ruled out even as timing stays uncertain. GBPUSD is trading at $1.2815, up 0.16% on the day. Data yesterday showed UK economy has returned to growth after falling into a technical recession in the second half of 2023. On the NSE, GBPINR is trading at 106.15, up 0.16% on the day.