Sterling gets a pounding from dollar
11 April 2012
The pound crashed more against the dollar than at any time since 1993 today as investors ditched sterling.
Traders blamed the collapse of Bradford & Bingley for the massive sell-off against both the dollar — where it fell over four cents at one stage — and the euro.
The euro also tumbled against the dollar following the bailouts of Hypo Real Estate and Fortis.
Investors are also now banking on a cut in UK interest rates, adding further downward pressure on the currency.
After at one stage collapsing by nearly 4.5 cents, the pound this afternoon was down 3.92 cents at $1.7998.
Against the euro it was down 0.32p at 79.62p.
