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British pound hits 31-year low as leave side wins in EU vote

Published:Friday | June 24, 2016 | 1:51 AM
A screen shows US dollar/British Pound exchange rate at the Korea Exchange in Seoul, South Korea, Friday.

The pound slumped to its lowest in more than three decades on Friday as results on Britain's referendum on European Union membership showed that the "leave" side had won.

Uncertainty over the vote results had sent the currency on a wild ride. Just after polls closed, it rose to its highest point for the year of $1.50. About six hours later it tumbled more than 10 percent to $1.3230, which was its lowest level in 31 years.

The whipsaw trading was part of broader turmoil in global financial markets sparked by the vote as results showed that voters had favored quitting the EU. Stock markets and oil prices also plummeted.