Pound sterling fell to its lowest level since last October against the United States dollar on the possibility that British Prime Minister Theresa May might announce the eventual exit of the United Kingdom from the European Union's common market in a speech this week, according to analysts.
The pound slipped below $1.20 in the Asian and British markets on Monday, but rebounded slightly and is at $1.20, Efe news reports.
The British currency also fell against the euro and dropped in the London market 0.90 per cent to 1.13 euros ($1.20).
Since the June 23, 2016 referendum on leaving the EU, the currency has lost 20 per cent of its value against the dollar, a level not seen since 1985.
Last October, the pound fell to a very low level, trading at $1.19 before recovering.
--IANS
vgu/
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app