UK Pound Plunges Below $1.26 Mark For First Time This Year; GBPINR Down More Than 1%

Published on Feb 05, 2024 17:32

UK pound futures plummeted on Monday tracking robust gains in dollar overseas after better than expected US jobs report that kept hawkish tone on interest rates intact. The pair fell to an eight week low below psychological $1.26 mark for the first time this year even as data from UK economic docket showed increase in business activity across the UK service economy. Seasonally adjusted final S&P Global UK Services PMI Business Activity Index registered 54.3 in January, up from 53.4 in December and above the crucial 50.0 value for the third successive month. GBPUSD is currently quoting at $1.2597, down 0.36% on the day. On the NSE futures, GBPINR gave up crucial levels intraday and is settled for the day lower by over 1% at 104.67.