Pound slumps to seven-week low on broad economic worries

The British Pound slumped yesterday, recording heavy losses as weak UK PMI business confidence data weighed on the sentiments. The latest figures showed a broad slowdown in manufacturing and services, pushing down GBP/USD pair by around 0.90% to a seven-week low. It currently trades up marginally at 1.3367 but looking cautious amid worries over interest rate trajectory. Fiscal concerns are also hurting the currency as markets eye UK budget at the end of November. On NSE, GBP/INR futures are currently trading at 118.7, down 0.62% on the day after briefly testing 118.30 mark.

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