Rishi Sunak: What happened to the British currency Pound when Rishi Sunak became PM? Know the condition of the dollar

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Rishi Sunak

Rishi Sunak
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Indian-origin Rishi Sunak becoming the Prime Minister of Britain has liked the currency of the pound. Investors have welcomed the news of Rishi becoming PM. This has pushed the pound to its highest level since mid-September and depreciated the dollar. On Tuesday, sterling was seen trading at 1.149 against the dollar with a gain of 1.9%. This is the highest level ever since former PM Liz Truss’s mini budget. The British government’s debt cost has also reached last month’s levels.

This is a relief news for Indian-born British PM Rishi Sunak, who took the post of Prime Minister on Tuesday. Let us tell you that in the last few weeks, there was an atmosphere of fear in the financial market of Britain, after Sunak became the PM, now there is a slight relief in it.

In a speech after becoming the Prime Minister, the newly appointed Prime Minister of Britain Rishi Sunak has warned the people of the country that some difficult decisions need to be taken in solidarity to deal with the serious economic crisis.

Experts believe that the strength of the pound is like a relief to the new Prime Minister Rishi Sunak to a great extent, but it is also important to note that it has happened due to the weakness of the dollar. The US dollar declined on Tuesday after showing sluggishness in house prices and US consumer confidence. This helped the pound gain strength.

According to Jeremy Strache, Head of FX Strategy at investment bank CIBC, the US currency has seen a consolidated fall everywhere. But there is no doubt that the strengthening of the pound is good news for economic stability in Britain and Sunak.

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Indian-origin Rishi Sunak becoming the Prime Minister of Britain has liked the currency of the pound. Investors have welcomed the news of Rishi becoming PM. This has pushed the pound to its highest level since mid-September and depreciated the dollar. On Tuesday, sterling was seen trading at 1.149 against the dollar with a gain of 1.9%. This is the highest level ever since former PM Liz Truss’s mini budget. The British government’s debt cost has also reached last month’s levels.

This is a relief news for Indian-born British PM Rishi Sunak, who took the post of Prime Minister on Tuesday. Let us tell you that in the last few weeks, there was an atmosphere of fear in the financial market of Britain, after Sunak became the PM, now there is a slight relief in it.

In a speech after becoming the Prime Minister, the newly appointed Prime Minister of Britain Rishi Sunak has warned the people of the country that some difficult decisions need to be taken in solidarity to deal with the serious economic crisis.

Experts believe that the strength of the pound is like a relief to the new Prime Minister Rishi Sunak to a great extent, but it is also important to note that it has happened due to the weakness of the dollar. The US dollar declined on Tuesday after showing sluggishness in house prices and US consumer confidence. This helped the pound gain strength.

According to Jeremy Strache, Head of FX Strategy at investment bank CIBC, the US currency has seen a consolidated fall everywhere. But there is no doubt that the strengthening of the pound is good news for economic stability in Britain and Sunak.

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