GBP/INR quotes under 113 mark, BOE likely to cut interest rates today

The British Pound is trading in a steady manner as markets focus on the upcoming interest rate decision from Bank of England (BOE). The central bank is likely to cut its benchmark interest rate by a quarter-point on recent signs of economic slowdown and continued worries over trade tariffs. The Monetary Policy Committee is expected to cut its benchmark rate to 4.25% from 4.50%. The BOE had maintained its interest rate at its March meeting after reducing it three times since last year. GBP/USD pair is quoting at 1.3300, down 0.20% on the day. The Pound eased in last session, coming off a one week high against the US dollar as the US Fed decided to leave the target for the federal funds rate at 4.25% to 4.50% for the third straight meeting. On the NSE, GBP/INR futures are quoting at 112.95, down 0.36% on the day, witnessing a moderation after decent start.

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