UK Pound Stays Battered Around One-Month Low; GBPINR Holds At 105.38

Published on Aug 07, 2023 13:49

UK pound stays battered at one-month low levels against the dollar amid severe selling pressure. Persistent strength in the greenback, hovering around 102 mark is keeping pound pressured under $1.28 levels. GBPUSD pair is currently quoting at $1.2738, down 0.15% on the day. Moreover, deepening concerns of a recession amid higher interest rates in the UK is also weighing down the currency. Last week, the Bank of England (BoE) made its 14th consecutive increase in interest rates, bringing them to their highest level since early 2008. The central bank raised interest rates by 25 basis points, setting them at 5.25 per cent. Meanwhile, data today showed UK Halifax house prices dropped 0.3%, the fourth straight month of decline, after a 0.1% in June. The house price index fell by 2.4% year-on-year in July, after a 2.6% drop in June which was the steepest decline since June 2011. On the NSE, GBPINR futures are holding at 105.38, up 0.1%