Pound slides to two-week low against US dollar amid economic worries

The British Pound stayed slippery and lingered around two-week low against the US dollar as markets eyed trade concerns globally and a weak reading on the UK economic growth front pulled the currency down after recent gains. The UK economy shrank in May on a sharp fall in industrial output, data from the Office for National Statistics revealed on Friday. Gross domestic product slipped 0.1% in May, following a 0.3% drop in April. GDP has contracted for the second straight month now. GBP/USD pair is now quoting at 1.3547, down 0.25% on the day. The currency had edged up around 2% in last month and is coming off its highest level in four years now. On the NSE, GBP/INR futures are down 0.23% at 116.38 after hitting around Rs 116.70 in early moves.

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