The
British currency has shed more than 5 per cent in the past one year.
The announcement almost immediately affected the
British currency, with the pound plunging.
The
British currency was up 0.25% versus the US dollar at 1.307.
Versus the euro, the
British currency was down over 1% at 1.11.
While a transition deal signed this month buoyed the
British currency, Allianz Global Investors warns that markets may be underestimating risks and is bearish on the pound.
'A sense of value' The Royal Mint, the official agency that makes the
British currency, created the new coin in an attempt to combat fraud, with 3% of the old coins -- or Au45 million -- deemed to be counterfeit.
However, AB Foods again noted that the
British currency's demise against the dollar has led to higher import costs at Primark, which meant its first-half profit margin falling.
The
British currency has been strengthening over the past two months, and this market remains firm.
The ruling gave pound sterling traders some relief last week, as the
British currency (http://www.x-rates.com/graph/?from=GBP&to=USD&amount=1) rose and then leveled out in value, at around $1.2507.
Having also hit a four-week low of 85.82 pence per euro at the end of last week, the
British currency rebounded 0.2 percent to trade at 85.63 pence.
Brexit may affect in two ways: due to depreciation in
British currency people may need to send more in pound sterling, therefore there are good chances that remittances may increase while contrarily, recipient households may need to cut down their expenditures which will negatively affect our GDP growth and secondly, in case of job loss, even in the short run, the flow of remittances will be reduced to Pakistan.
Hannan said he thinks the
British currency is "hugely overvalued" and that the drop in sterling since the vote was needed.
The
British currency plunged in value after Thursday's shock 'leave' result in a referendum on whether to stay in the European Union.
The British pound collapsed to a 31- year low against the dollar after crashing 10 per cent while compared to the rupee,
British currency fell around ` 7 to 93.13.
Traders pounded the
British currency (forgive the pun) until Prime Minister John Major withdrew from the ERM.
