British Pound Falls to 31-Year Low on Brexit Concerns
The British pound fell to a 31-year low against the U.S. dollar late Tuesday as concerns about the impact of the United Kingdom’s exit from the European Union rose.
In late trading Tuesday in New York, the pound fell to $1.2729. On Sunday, U.K. Prime Minister Theresa May set a March 2017 deadline for the country to begin the process of exiting the European Union and indicated that controlling immigration would be a higher priority than maintaining its privileged access to its largest trading partner.
The pound sterling has dropped 14% against the dollar and 13% against the euro since the June 23 Brexit vote.
(Photo: Accura Media Group)