Saturday, 8 October, 2022

Pound slides to two-year low against dollar

Pound slides to two-year low against dollar

The pound has fallen to two-year lows against the dollar amid rising concerns about recession around the world as energy prices continue to soar.

Analysts said sterling - which was trading below $1.19 at one point - is also weak because markets are worried about future UK economic growth.

Sterling could fall even further after predictions of economic stagnation and as inflation rises, they added, report agencies.

London shares regained some ground following falls on Tuesday.  The resignation of two senior government ministers on Tuesday evening, including former Chancellor Rishi Sunak, was not a significant factor in the pound's fall, Rabobank head currency strategist Jane Foley told the BBC Radio 4 Today programme.