Pound tumbles to 31-year low on Brexit fears

Updated - November 17, 2021 05:07 am IST

Published - June 24, 2016 08:44 am IST - London

The British pound plunged to a 31-year low on Friday as results in the country’s European Union referendum gave the “leave” side a small but growing lead.

The figures delivered a deep shock to financial markets, overturning earlier anticipation of a narrow victory for “remain.”

The pound initially soared as polls closed and two opinion surveys put “remain” ahead and two leading supporters of the “leave” campaign said it appeared the pro-EU side had won. But it then suffered one of its biggest one-day falls in history, plummeting more than 10 percent in six hours, from about $1.50 to below $1.35 as results suggested a strong possibility the U.K. would vote to quit the bloc.

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