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Sterling opens below $1.22 in early London trade, hovers near 28-month low

Sterling opens below $1.22 in early London trade, hovers near 28-month low
FILE PHOTO: Pound coins are seen in this photo illustration taken in Manchester, Britain September 6, 2017. REUTERS/Phil Noble/File Photo   -   Copyright  Phil Noble(Reuters)
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By Olga Cotaga

LONDON (Reuters) – Sterling was below the $1.22 mark in early London trade on Tuesday, having hit a 28-month low of $1.2120 overnight, battered by concerns that Britain may be crashing out of the European Union without a deal on Oct. 31.

Against the euro, the beleaguered currency was down 0.5% to 91.65 pence, having dropped earlier to a two-year low of 91.88 pence.

The British currency has shed around 2.4% of its value since Boris Johnson became prime minister and said he was determined to take Britain out of the bloc on deadline even if a transition deal is not agreed by then.

(Reporting by Olga Cotaga, Editing by Abhinav Ramnarayan)

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