British pound nosedives against dollar to 1985 low

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British pound nosedives against dollar to 1985 low

Mar 18, 2020 19:23 IST

The pound on Wednesday fell to its lowest level against the dollar in over three decades on the shocks caused by the coronavirus. Sterling fell as much as 1.9% to $1.18 against the US dollar, close to its 1985 levels. The currency pair’s sell-off was primarily driven by investor fears that the worst is yet to come for the UK as coronavirus cases rise. Investors considered the government’s measures as being inadequate to contain the spread of the coronavirus. Sterling has also suffered due to heightened global demand for the greenback.

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