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UK Pound Steadying Around 3-Week Low Against Dollar; GBPINR Extends Further Slide

Published on Jan 03, 2024 09:42

UK pound is seen steadying around a three week low against the dollar strength on Wednesday. The dollar index rebounded to its best level in nearly two-weeks and edging towards 102 mark on the back of risk aversion amid heightened geopolitical tensions in the Middle East and recurrent doubts of a Federal rate cut soon. Meanwhile, lack of data on the domestic docket today is going to keep pound glued to dollar movement for further cues. Upcoming minutes of the Fed�s December meeting and nonfarm payrolls data due this week will be closely watched. GBPUSD is quoting at $1.2645, up 0.15% on the day but off $1.27 levels lost in the previous session. On the NSE, GBPINR futures contract is currently seen in the negative terrain at 105.42, down 0.3% on the day.

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