Pound near 2-month low against dollar; GBPINR futures slip under 116 mark

UK pound is seen attempting recovery from an over two month fall against the dollar on Tuesday. The US currency was driven higher near a one month high in the previous session following the US-EU tariff deal. However, a mild pullback in dollar from yesterdays sharp gains is seen supporting the GBPUSD counter to some extent. Currently, dollar index that measures the greenback against a basket of currencies is quoting at 98.54, up 0.14% on the day. Meanwhile, GBPUSD is trading at $1.3359, almost flat on the day but rebounding from yesterdays over half a percent fall. Meanwhile, a survey by the Confederation of British Industry (CBI) showed on Monday that retail sales declined for the 10th straight month in July. However, the pace of decline in retail sales was less severe than what was seen in June. The data came in at -34, improved from -46 in June. GBPINR futures on NSE are quoting at 115.80, down 0.45% on the day.

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