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Pound pummelled to 13-month low by stronger dollar, mounting Brexit fears

Friday,   10-Aug-2018   02:09 PM (IST)

Sterling slid to its lowest level since end-June 2017 as a stronger dollar and continued concerns that Britain is headed for a sudden exit from the European Union without a trade deal sent investors scrambling to sell pounds. The British currency dropped 0.7 percent to as low as $1.2734. That brings sterling’s loss since Monday to 1.9 percent and leaves it headed for its worst weekly performance since February. Against the euro the pound has held up far better as demand for dollars - fuelled on Friday by an investor rush into safer assets - has kept the euro on the back foot. The pound traded up 0.1 percent to 89.865 pence per euro, above its recent 2018 lows of 90.30 pence.