Pound extends slide under $1.36 mark as UK inflation cools; GBP/INR futures slip below 123 mark

UK pound is seen extending slide around a two-week low at $1.3560. The pair lost over half a percent in the previous session. Data today showed UK headline inflation has dropped to 3% on year, from 3.4% in December. The core CPI which excludes the volatile components of food, energy, alcohol and tobacco grew expectedly by 3.1%, slower than the previous reading of 3.2%. Month-on-month headline inflation has declined 0.5% after growing 0.4% in December. Meanwhile, a small rebound in dollar index is also adding pressure on the counter. The US Dollar Index which tracks the Greenbacks value against six major currencies, is up 0.12% to near 97.17. Going forward, retail sales data for January and the preliminary S&P Global Purchasing Managers Index (PMI) data for February scheduled to be published on Friday will also be watched for further cues. On the NSE, GBP/INR futures fall 0.30% at $122.93.

 

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