Pound gears up ahead of UK Budget; GBP/INR scales towards 118 mark

GBP/USD is extending previous day gains and staying around a one and half week high awaiting the release of the UK Autumn budget. UK Chancellor Reeves is expected to raise taxes between 20-30 billion pounds, as per reports. Investors will pay close attention to the budget announcement to know how much the Labour Party will raise taxes on households to maintain their self-imposed fiscal rules. The pair stood at $1.3171, down 0.30% on the day following sharp gains yesterday. Gains in the counter were also contributed by weakness in dollar index that slipped under 100 mark after US data reinforced expectations of a Federal rate cut. On the NSE, GBP/INR futures pair is quoting higher by half a percent at 117.74.

 

Powered by Capital Market - Live News