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What Brexit means for the pound

The pound sterling has depreciated against more than 120 currencies since the referendum. The prospect of leaving the European Union has adversely affected sentiment for the British currency

Brexit
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Illustration by Ajay Mohanty

Sitharam Gurumurthi
According to FXCM: Market Insights, the June 2016 vote in favour of Brexit created utter chaos for the British pound, comparable only to the immediate aftermath of World War II or Black Wednesday (September 16, 1992, when a collapse in the pound sterling forced Britain to withdraw from the European Exchange Rate Mechanism). Subsequently, the transition process has been a roller-coaster ride for the currency.
 
Crunch Time, an article published in The Economist (August 2018), pointed out that of 140-odd currencies tracked by the data provider Bloomberg, the pound sterling has depreciated against more than 120 currencies since the
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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First Published: Apr 27 2019 | 9:32 PM IST

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