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FTSE 100 hits record high as sterling tumbles

The FTSE has climbed while sterling tumbles Credit: Reuters

The FTSE 100 hit a record high as the pound tumbled further amid fears over Brexit.

This index rose above 7122.7 to 7129.83 points in mid-session trading - the highest level since April 2015.

The top tier has been surging higher while sterling continues to struggle since the Brexit vote, as many of the listed multinational companies benefit from earnings in stronger foreign currencies.

Sterling dropped more than 0.8% to trade as low as 1.225 against the US dollar on Tuesday. It also fell around 0.3% to around 1.106 against the euro.

The FTSE 100 has made a healthy recovery since the Brexit vote, jumping around 12.5% since June 23, while sterling has slumped more than 18% against the US dollar over the same period.

Sterling falls to 2.5 year low against dollar

Sterling has fallen to a two-and-a-half year low against the dollar and a 16-month low against the euro following Moody's downgrading of the UK's credit rating from its prized triple A status on Friday, Reuters reported.

Sterling fell against the dollar to $1.5073 and against the euro at 87.75 pence.