[TOKYO] The British pound plunged sharply to its lowest in more than three decades on Friday, in thin conditions in early Asian trading.

Sterling was last down 1.7 per cent at US$1.2380, after suddenly dropping as low as US$1.1378.

Investors have been fretting about Britain's impending exit from the European Union and the potential of the UK giving up full access to the single market in order to impose full control on its borders.

Low liquidity likely amplified the move and triggered stop-loss orders, market participants said.

REUTERS