UK pound falls to lowest level since October

London, Jan 17 (IANS) 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

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