Pound hits new post-Brexit low

The pound has slumped further in reaction to the UK's vote to leave the European Union, at one stage slipping below $1.28 in trading in Asia. The euro is also weak.

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Pound hits new post-Brexit low

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The British pound continues to slump in reaction to the UK’s vote to leave the European Union.

At one stage on Wednesday it dipped just below $1.28 in trading in Asia; its worst value in 31 years before creeping back up.

That still left the pound 13 percent below its levels before the June 23 referendum

A weaker currency can help British companies that export what they produce but the pound’s slide shows financial markets lack of confidence in the country following the Brexit vote.

Against the euro, sterling hit a three-year low.

The euro is also weak against the dollar on worries the Brexit will hit growth prospects in the eurozone.