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Pound volatile after interest cut

The British pound has regained some ground after a one percentage point cut in UK interest rates.

In the run-up to the decision, it fell to a historic low of 1.1499 euros, but later moved slightly up to 1.1561.

The UK currency also dropped against the dollar to $1.4466, the lowest level in almost seven years, before rising to $1.4588.

In July, the pound was trading at more than $2, but it lost ground as the downturn hit the UK economy.

On Thursday, the pound also hit a new low in more than 13 years against the Japanese yen, trading at 134.07 yen.

At the same time, the euro declined against the dollar, to $1.2574.

The Bank of England slashed UK interest rates to 2% on Thursday, the lowest level since 1951.

Source of this news is from bbc website

Posted on Thursday 4th December 2008

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