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Saturday 30th of October 2010
January 21, 2009    

Pound plummets against dollar and euro

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by David Masters

The British pound plunged to a 7½ year low against the US dollar yesterday amid concerns about the state of the UK banking sector.

Plummeting to below $1.40, the pound hit its weakest rate against the dollar since 2001.

Analysts suggested the latest bail-out of British banks prompted a pound sell-off, whilst others blamed the slide on record losses reported at the Royal Bank of Scotland.

The euro also fell to a six week low against the dollar as the euro zone braces itself for a deep recession.

The pound weakened against the euro, unravelling recent gains. One euro is now worth 92.3 pence.

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