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British pound dives over 4% against US dollar

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The pound slumped more than four per cent against the US dollar on Wednesday, reaching a 35-year low, as traders eyed worsening fallout for the UK economy from the coronavirus pandemic.

[LONDON] The pound slumped more than four per cent against the US dollar on Wednesday, reaching a 35-year low, as traders eyed worsening fallout for the UK economy from the coronavirus pandemic.

Sterling struck US$1.1463, the lowest level since 1985. It recovered slightly moments later to trade at US$1.1554. The pound meanwhile slid 2.6 per cent against the euro, with the single currency trading at 93.58 pence.

AFP