Latest news with #GBPINR
Business Standard
16-07-2025
- Business
- Business Standard
GBPUSD rebounds from 3-week low on hot UK inflation data
The British pound rebounded on Wednesday following a consistent decline since the start of the month which landed the GBPUS pair to a three week low. The pound was boosted by UK CPI data that climbed 3.6% on the year in June after reporting a 3.4% growth in May. The market forecast was for a 3.4% increase and the reading moves away from the Bank of Englands (BoE) 2% target which could dial back a forward looking rate cut by BoE. Core CPI (excluding volatile food and energy items) rose 3.7% year-over-year in the same period, as against a 3.5% uptick in May. Meanwhile, the monthly UK CPI inflation ticked up to 0.3% in June from 0.2% in May. However, dollar index pacing ahead of 98 mark could limit some gains in the counter. Currently, GBPUSD is quoting at $1.3413, up 0.12% on the day. Meanwhile on the NSE, GBPINR futures pair is seen trading at 115.19, down 0.32% on the day.
Business Standard
03-07-2025
- Business
- Business Standard
Pound regains ground after UK's political turmoil led slump; GBPINR futures slip under 117 mark
The British pound recovered from a one-week low against the dollar after Prime Minister Keir Starmer said that Reeves who is seen by markets as a big defender of fiscal rules, would continue in her post. Pound slumped by nearly 1% in the previous session and 10-year UK gilt yields surged 17 basis points (bps) or almost 4% to near 4.61% after Prime Minister Keir refrained from backing Chancellor of the Exchequer Rachel Reeves till next elections, following the announcement of an increase in welfare schemes by the government. GBPUSD is currently trading at $1.3669, up 0.20% on the day. Meanwhile, Bank of England Governor Andrew Bailey said on Tuesday that the path of interest rates will continue to be gradually downwards, as the central bank juggles taming inflation and stoking elusive economic growth. On the NSE, GBPINR futures are trading lower by 0.65% at 116.80.
Business Standard
24-06-2025
- Business
- Business Standard
Pound strengthens as dollar loses safe haven appeal; GBPINR soars above 117 mark
GBPUSD surges to a weeks high above $1.36 mark on Tuesday tracking weakness in dollar overseas. Risk sentiment improved after President Trump announced that a ceasefire has been agreed upon between Iran and Israel, reducing appeal for the safe haven currency. Moreover, Fed Governor Bowman and Chicago Fed President Goolsbee said they favored a Fed rate cut at next months FOMC meeting weighing on the greenback. The dollar index that measures the greenback against a basket of currencies is quoting at 97.70, down 0.32% on the day. Investors await Chair Powells semiannual testimonies and the US June Consumer Confidence report later today for fresh cues. Meanwhile, in UK, BoE Governor Andrew Bailey's testimony before the Lords Economic Affairs Committee and speeches from Monetary Policy Committee (MPC) member Megan Greene and Deputy Governor Dave Ramsden during the day will be watched. GBPUSD is currently seen quoting at $1.3609, up 0.60% on the day. On the NSE, GBPINR futures climbed 0.77% to 117.09.
Business Standard
20-06-2025
- Business
- Business Standard
GBPUSD reclaims $1.35 mark; Bank Of England stands pat on rates
The British pound extended sharp upside on Friday tracking mild weakness in dollar amid lack of activity as US markets were closed on June 19 in observance of Juneteenth. Meanwhile, Bank of England yesterday decided to keep interest rates unchanged after cutting it by a quarter-point last month. The Monetary Policy Committee voted 6-3 to hold the Bank Rate at 4.25%. Three members preferred to reduce the rate by 25 basis point. The central bank noted that there has been substantial disinflation over the past two years, as previous external shocks have receded, and as the restrictive stance of monetary policy has curbed second-round effects and stabilised longer-term inflation expectations. This has allowed the MPC to withdraw gradually some degree of policy restraint, while maintaining Bank Rate in restrictive territory so as to continue to squeeze out existing or emerging persistent inflationary pressures. For the day, investors await UK retail sales for May. Nevertheless, broad strength in dollar amid the ongoing Middle East turmoil could also limit gains the counter. GBPUSD is currently quoting higher by more than half a percent on the day at $1.3502. On the NSE, GBPINR futures are up 0.33% at 116.87.
Business Standard
18-06-2025
- Business
- Business Standard
GBPUSD attempts recovery from 3-week low; UK Inflation awaited
The British pound is attempting recovery from a three week low against the dollar on Wednesday, following an over 1% fall in the previous session. Yesterdays sharp decline was in tandem with dollar spike that was driven by safe haven demand amidst ongoing geopolitical turmoil in Middle East. Meanwhile, FOMC decision scheduled this week is also keeping the greenback supported to some extent. The dollar index that measures the greenback against a basket of currencies was gave up yesterday sharp gains and was quoting at 98.24, which contributed to upside in the counter. GBPUSD is currently quoting at $1.3448, up 0.09% on the day. Meanwhile, investors will closely watch UK inflation data for May due for the day that will help determine BoE monetary policy decision slated for later this week. On the NSE, GBPINR futures are trading lower by 0.76% at 116.10.
