Plunging pound

The pound fell half a per cent further on Friday, adding to the previous session’s 2 per cent fall, the sharpest since the Brexit vote.

Analysts said the currency may decline further as the UK grapples with further uncertainty on the daunting task that Prime Minister Theresa May faces in getting the draft Brexit deal approved by Parliament. “With May battling to stay in power in order to deliver what she feels is ‘the best possible deal’, sterling will remain volatile. The currency may fall to 1.25 [against the dollar] if there is a possibility of a snap elections,” Konstantinos Anthis, head of Research at ADS Securities, said.