The pound hits a 31-year low against the dollar

The pound hits a 31-year low against the dollar

Fears of the consequences of a Hard Brexit have sent the pound tumbling to a new 31-year low against the dollar. Sterling has fallen to $1.2764 in early trading on Tuesday, extending its losses from the previous day.

That is its lowest level since June 1985, and almost 15 per cent weaker than before the EU referendum on June 23. It also hit a three-year low of 87.51 pence per euro, down 0.2 percent on the day.

Despite the drop, the FTSE 100 share index has risen above 7,000 for the first time since May 2015.

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