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Pound falls to lowest level against dollar since 1985

The pound fell to $1.2861 on Wednesday morning. Credit: PA

Sterling fell to a fresh 31-year low against the dollar as Asian markets opened on Wednesday.

The pound hit $1.2861, more than 15% below the levels seen on the day of the EU referendum, in early trading.

Against the euro sterling fell one per cent below Tuesday's closing figure to €1.1625, its lowest level since 2013.

The slide follows a sharp drop on Tuesday following poor performance figures for the UK's dominant service sector.

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