British Pound Plunges To Lowest Since 1985 Following Brexit
This is the lowest level of British pound since 1985 after Britain voted for Brexit. The currency plunged 11 percent, $1.35, the biggest one-day fall ever, down against all major world currencies.
The shockwaves have reached to global markets and most of those have seen sharp fall.
Chief market analyst at ThinkForex, Naeem Aslam, said it is ugly that British pound is facing worst day ever.
For months economists have been warning the divorcing of Britain from the EU would do lasting damage to the British economy.
Bank of England said to be taking all the necessary steps for the stability of the country financially as well as monetarily.
In a released statement it said, “The Bank of England is monitoring developments closely. It has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks.”
Japanese Nikkei Stock Average dropped more than 1,200 points which is to about 8 percent and the Hong Kong’s Hang Seng sank 975 points or 5 percent. South Korea’s Kospi declined 4.2 percent and most of the Asian markets declined between 1 and 4 percent.
Australia’s S&P/ASX 200 fell 3.7% to 5,088.20.http://www.dailynewsz.com/british-pound-plunges-to-lowest-since-1985-following-brexit/http://www.dailynewsz.com/wp-content/uploads/2016/06/British-Pound-Plunges-To-Lowest-Since-1985-Following-Brexit.jpghttp://www.dailynewsz.com/wp-content/uploads/2016/06/British-Pound-Plunges-To-Lowest-Since-1985-Following-Brexit-300x300.jpgBusinessbrexit,britain,england,eu,european union,UK