British pound slipped to its lowest level in nearly 8-weeks against the dollar on Tuesday as data from the UK revealed that public sector borrowing increased beyond expectations in August. Figures released by the UK National Statistics Office have shown a jump in net borrowing to GBP 18.26 billion in August, from upwardly revised GBP 2.04 billion in July. The National Statistics report adds that borrowing rose by about a fifth compared with August last year, more than government income from taxes and other receipts, partly due to the impact of inflation stemming from the Middle East war. Concerns about government finances and a buoyant dollar after the hawkish turn performed by the Federal Reserve (Fed) last week is seen weighing on the counter. GBP/USD is currently seen holding around its lowest level since end of July at $1.3372. On the NSE, GBP/USD futures are quoting at 127.83, down 0.37% on the day.
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