British pound dives over 4% against dollar

The pound slumped more than four percent against the dollar Wednesday, reaching a 35-year low, as traders eyed worsening fallout for the UK economy from the coronavirus pandemic.

Sterling struck USD 1.1463, the lowest level since 1985. It recovered slightly moments later to trade at USD 1.1554.

The pound meanwhile slid 2.6 per cent against the euro, with the single currency trading at 93.58 pence.