British pound drops to 37-year low against US dollar

The British pound slumped to 1.1187 against the US dollar on Friday, its lowest level in 37 years, News.Az reports citing foreign media.

The drop came a day after both the US Federal Reserve and the Bank of England hiked interest rates by 75 and 50 basis points, respectively.

It marks the first time the GBP/USD rate has fallen below 1.12 since January 1985.


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