Sterling hits record low against the dollar

COLOMBO (News 1st); The British pound plunged to a record low on Monday morning in Asia, following last week’s announcement by the new U.K. government that it would implement tax cuts and investment incentives to boost growth.

Sterling briefly fell 4% to an all-time low of $1.0382 on Monday in Asia.

Critics say those economic measures will disproportionately benefit the wealthy and could see the U.K. take on high levels of debt at a time of rising interest rates.

Today’s exchange rates from the Central Bank of Sri Lanka:

USD
Buy 359.1876
Sell 369.9371

GBP
Buy 376.7059
Sell 391.9546

EUR
Buy 344.1763
Sell 358.8689

JPY
Buy 2.4806
Sell 2.5826

AUD
Buy 232.1253
Sell 243.0960