UK Pound Stays Firmly Above $1.27; GBPINR Jump Above 106 Mark

Published on Dec 27, 2023 13:34

UK pound is steadying against the dollar on Wednesday but clinging firmly above $1.27 mark amid weakness in dollar overseas amid rising expectation that the Federal Reserve will start cutting interest rates from the first quarter of 2024. On the contrary, BoE policymakers have been stating interest rate cuts would be �premature�. The dollar index was trading at 101.17 amid thin trading volumes after Christmas. Data from the Commerce Department last week showed the annual rate of consumer price growth decelerated to 2.6% in November from a downwardly revised 2.9% in October. The index has fallen from a 20-year high of 114.78 on September 28 2022 and is set for a yearly loss of around 2%. GBPUSD pair was quoting at $1.2733, up marginally on the day. On the NSE, GBPINR futures witnessed good gains, climbing above 106 mark. Currently, the counter is trading at 106.09, up 0.4% on the day.