NEW YORK, OCT 5: The British Pound slumped to its lowest in 31 years against the US Dollar on fears of Britain’s exit from the European Union (EU); the US Dollar strengthens due to US economic data unexpected improvements.
International news agency Reuters reported, the pound hit its lowest since mid-1985, due to worries that the exit will lead to drastic separation measures and impact the economy significantly.
The move is viewed as limiting Britain from remaining as a global financial hub.
The pound fell 0.9% to USD1.2722, after touching USD1.2715, and at a three-year low against the euro at 88.02 pence.
“Everything we hear from the UK is not positive for the currency," said Paresh Upadhyaya, Financial Strategy Director at Pioneer Investments in Boston.
