9 hours ago
- Business
- Business Standard
Pound plunges to one-month low against dollar; GBPINR edges slightly higher
The British pound plunged to a one-month low against a firm dollar overseas as markets sentiments turned risk averse amid boiling tensions in Middle East and investor flocked to safe haven dollar for respite. The demand for the US Dollar as a safe-haven asset increased, with the US Dollar Index revisiting two-week high above 99 mark. Over the weekend, US President Donald Trump reportedly said that Washingtons military forces have successfully demolished Iranian nuclear facilities: Fordow, Natanz, and Isfahan. Meanwhile data from UK showed better-than-projected flash S&P Global Purchasing Managers Index (PMI) data for June. The Composite PMI came in at 50.7, higher than estimates of 50.5 and the prior release of 50.3. GBPUSD is currently seen quoting weaker by over half a percent at $1.3400. On the NSE, GBPINR futures are trading higher by 0.17% at 116.89.
