Sterling dives to 31-year low as Brexit shock deepens

London

STERLING fell to a 31-year low against the dollar on Monday as a sell-off stemming from Britain's decision to quit the European Union gathered pace, with the euro also pressured as Brexit clouded the future of the rest of the bloc.

Safe-haven currencies such as the yen and the Swiss franc extended gains, much to the discomfort of the Japanese and Swiss central banks.

Sterling fell past US$1.32 to US$1.3192, its lowest since mid-1985, taking losses to 11.8 per cent since last Thursday's vote. The currency failed to get much of a lift from British finance minister George Osborne's assurances to markets t…