Pound tumbles as UK votes for Brexit

Baku. 24 June. REPORT.AZ/ The pound dropped 11 per cent to its lowest level in over three decades as the market awoke to the shock realisation that the Leave camp had upset the odds to score a stunning victory in the Uk referendum on EU membership.

Report informs citing the BBC, dramatic falls in sterling peppered market trading early on Friday, wiping out earlier confidence from exit polls that suggested the Remain camp would prevail. So acute was market uncertainty as early counts came in that sharp falls were quickly followed by equally severe rises, until the market lost faith in the pound with around half the votes counted.

A stunning slide in sterling at 3.40am London time saw the pound plummet below $1.40, and 20 minutes later it had breached $1.35 to levels last plumbed 31 years ago in the Thatcher-Reagan era. An hour later, the pound had found a new low at $1.3224.