GBP/USD gains above 1.3100 mark after BOE holds rates steady

The British pound raced higher yesterday, cutting losses from its lowest level in 7 months against the dollar as markets eyed the Bank of England (BOE) interest rate decision. The Bank of England has held interest rates at 4%. In a tight vote, the central banks Monetary Policy Committee (MPC) opted to keep the rate the same for the second consecutive time in its final meeting before the autumn Budget. The Bank suggested that inflation peaked in September, at 3.8%. The initial reaction to this saw Pound spike well above 1.3100 mark and overall mood remained steady for the currency. The GBP/USD pair is currently quoting at $1.3115, down 0.12% on the day. On NSE, GBP/INR futures are currently trading at 116.41, up marginally on the day.

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