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UK Pound Falls to Lowest Level

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LONDON, Oct. 8, 2016 (Xinhua) -- A cashier counts pound coins in a money change bureau in central London, Britain, on Oct. 8, 2016. The Bank of England (BOE) Friday asked the Bank for International Settlements (BIS) to investigate the flash crash in sterling that took place during trading on Friday. (Xinhua/Han Yan/IANS) (djj)
A cashier counts pound coins in a money change bureau (Xinhua/Han Yan/IANS) (djj)

Pound sterling fell to its lowest level since last October against the United States dollar on the possibility that British Prime Minister Theresa May might announce the eventual exit of the United Kingdom from the European Union’s common market in a speech this week….reports Asian Lite News

LONDON, Oct. 8, 2016 (Xinhua) -- A cashier counts pound coins in a money change bureau in central London, Britain, on Oct. 8, 2016. The Bank of England (BOE) Friday asked the Bank for International Settlements (BIS) to investigate the flash crash in sterling that took place during trading on Friday. (Xinhua/Han Yan/IANS) (djj)
A cashier counts pound coins in a money change bureau in central London, Britain (Xinhua/Han Yan/IANS) (djj)

The pound slipped below $1.20 in the Asian and British markets on Monday, but rebounded slightly and is at $1.20, Efe news reports.

The British currency also fell against the euro and dropped in the London market 0.90 per cent to 1.13 euros ($1.20).

Since the June 23, 2016 referendum on leaving the EU, the currency has lost 20 per cent of its value against the dollar, a level not seen since 1985.

Last October, the pound fell to a very low level, trading at $1.19 before recovering.