Pound to dollar exchange rate: Sterling plummets to weakest value in 31 years

Challenging: Bank of England director Mark Carney spoke of post Brexit risks
Dylan Martinez/PA

The pound today fell to its weakest level in three decades against the US dollar.

Sterling sank to its lowest value against the American dollar for 31 years after plummeting by 1.5 cents.

Its value of $1.3117 is lower than the first day of the referendum result and 12 per cent lower than before Brexit.

Its value against the Euro has also dropped to a two and a half year low against the Euro at €1.1787.

This news came on the same day as England’s central bank warning that risks posed by Brexit are ‘starting to crystalise’.

In the latest financial stability report, the Bank of England(BoE) wrote: “There is evidence that some risks have begun to crystallise. The current outlook for UK financial stability is challenging.”

BOE governor Mark Carney today said there will be no changes to UK financial regulations until Britain actually left the EU.

Despite the value of sterling plummeting, Mr Carney said the markets are functioning ‘pretty well’ and that the pound’s dip in value was necessary to allow economic adjustment.

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