The British pound hits a 37-year low

The pound sterling fell to its lowest level against the dollar in 37 years, in light of increasing investor concerns about the economic future and central banks raising interest rates to combat out-of-control inflation.

The British pound fell to $1,1170, its weakest level since early 1985, after the Bank of England raised borrowing costs yesterday by 50 basis points.

This was followed by a three-quarter point increase announced by the Federal Reserve on Wednesday, amid expectations of additional increases.

The dollar also rose against the euro, which amounted to $0.9753, in an unprecedented decline for the single European currency in twenty years.

Follow our latest local and sports news and the latest political and economic developments via Google news