Pound drops to lowest rate in 31 years

UK Pound Sterling Cash in my hand...ADXTFE UK Pound Sterling Cash in my hand

UK Pound Sterling Cash in my hand...ADXTFE UK Pound Sterling Cash in my hand

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The pound has hit a new 31-year low against the dollar as worries over the UK’s exit from the European Union continued to affect the financial markets.

Sterling dropped to $1.2798 at one point in Asian trade, before recovering slightly to $1.2929.

The pound has now fallen by about 14 per cent against the dollar since hitting $1.50 ahead of the referendum result.

On the UK stock market, the FTSE 100 index opened down 11.47 points, or 0.2 per cent, at 6,533.90.

The FTSE 250 - which contains more UK-focused companies - fell 0.4 per cent to 15,671.47.

Earlier, Asian stock markets had closed lower, with Japan’s Nikkei index down 1.9 per cent.