BREXIT referendum: British pound tumbles to 31-year low

June 24, 2016 08:38

The value of sterling slumped on currency markets as initial confidence among investors expecting a vote to remain in the EU was dented by early referendum results.

Results from across the country putting the Brexit camp in the lead reversed initial gains to leave the pound down nearly 6% at $1.42 at one point, compared with $1.50 just after polling stations closed.

The pound's fall, which stunned investors, was one of the biggest ever, with others including Black Wednesday and Britain's exit from the European exchange rate mechanism in 1992.

However, the pound pared back some of its losses as results came in from London, leaving the currency down around 3% by 3am BST (7:30 am IST)

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