Sterling has this morning slipped to $1.3218 – a new 31 year low against the US currency, as a result of investor anxiety over the economic implications of Brexit.
The pound had dipped to $1.3231 on Thursday night – the lowest since 1985 – as the referendum result came into focus and traders sold sterling. But it recovered slightly over the following 24 hours.
UK financial markets also remain volatile in the wake of the Brexit vote, with sterling plunging to a 31-year low against the dollar, and some share trading temporarily halted. Yields on 10-year government bonds sank below 1% for the first time.
Banks, airlines and banks were hardest hit with sharp falls causing a momentary halt for some shares as automatic circuit breakers kicked in.