Sterling drops further as pressure mounts on PM May to step down
Thursday,
23-May-2019
02:36 PM (IST)
Sterling plunged again in early London trading on Thursday as pressure mounted on Prime Minister Theresa May to name a date for her departure. The British currency has been falling heavily in the past few days. May’s last-ditch attempt to get backing for a Brexit deal triggered a revolt on Wednesday by some of her Brexit-supporting ministers, deepening the political uncertainty in Britain. The pound dropped 0.4% to a new 4-1/2 month low of $1.2605 by 0740 GMT. It is the worst performing major currency in May, and so far has lost 3.3% of its value against the dollar. Against the euro, the British currency weakened 0.3% to 88.385 pence, just below Wednesday’s low. The pound has weakened for 14 consecutive days against the single currency.
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