British Pound near one-month high against weak dollar; GBP/INR futures surpass 118 mark

The British pound is holding around a one-month high against the dollar on Thursday as UK Budget removes near-term fiscal uncertainty and offers a mildly supportive backdrop for Sterling. The latest United Kingdom (UK) budget revealed by Chancellor of the Exchequer, Rachel Reeves, raises taxes by 26 billion, following last years budget raised taxes by 40 billion. UK Finance Minister Rachel Reeves said the government has 22 billion in fiscal headroom to absorb unexpected shocks. However, the Office for Budget Responsibility (OBR) noted that this room remains limited relative to its projections. Besides, weakness in dollar overseas amid rising bets of a Federal rate cut is supporting the pair. Currently, GBP/USD is quoting at $1.3211, down 0.17% after a relentless five day rally. On the NSE, GBP/INR futures are trading higher by nearly half a percent at 118.20.

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