Pound hits low at euro1.118 - Yahoo! News document.body.className = ‘js-enabled‘; Skip to navigation » Skip to content » U.S. U.S. Economy Pound hits low at euro1.118 Buzz Up IM del.icio.us Yahoo! Bookmarks 13 mins ago Related Quotes Symbol Price Change ^DJI 8,565.09 -196.33 ^GSPC 873.59 0.00 ^IXIC 1,507.88 0.00 DUG 30.15 0.00 DXD 72.63 0.00 EEV 58.08 0.00 FXP 35.06 0.00 QID 70.93 0.00 SDS 87.91 0.00 SH 86.83 0.00 SKF 128.88 0.00 SRS 95.62 0.00 VRS.TO 0.24 0.00
It was the pound‘s weakest rate since the euro was launched in 1999, and the rate for British travelers closed the gap with parity still further, with some exchange bureaus offering euro1.07 to the pound.
The pound has fallen by around 20 percent against the euro in the past year as the Bank of England has lowered interest rates from a peak of 5.75 percent to a more than 50-year low of 2 percent — a move that can weaken demand for a country‘s currency by reducing the yield on interest-bearing investments.
The lower pound raises costs for Britons when they travel to the 15 countries that use the euro, and raises the price of imported goods.
The pound was also lower against the U.S. dollar, at $1.4950, down from $1.4978.
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