British Pound falls against US Dollar

The exchange rate of the British pound on Friday fell against the dollar after the resignation of the UK Prime Minister Liz Truss.

European stock markets fell heavily, showing declines in Asia and on Wall Street. Investors were said to panic that rising global interest rates could plunge the world economy into recession.

Sterling slid beneath $1.12, having bounced above $1.13 Thursday after Truss quit.

The yield on the British government’s 30-year bond, or gilt, climbed back above four percent on Friday.

Key figures around 1015 GMT

Pound/dollar: DOWN at $1.1114 from $1.1235 on Thursday

Dollar/yen: UP at 150.98 yen from 150.15 yen

Euro/dollar: DOWN at $0.9735 from $0.9786

Euro/pound: UP at 87.62 pence from 87.11 pence

London – FTSE 100: DOWN 0.9 percent at 6,883.43 points

Frankfurt – DAX: DOWN 1.5 percent at 12,573.45

Paris – CAC 40: DOWN 1.7 percent at 5,986.60

EURO STOXX 50: DOWN 1.6 percent at 3,437.84

Tokyo – Nikkei 225: DOWN 0.4 percent at 26,890.58 (close)

Hong Kong – Hang Seng Index: DOWN 0.4 percent at 16,211.12 (close)

Shanghai – Composite: UP 0.1 percent at 3,038.93 (close)

New York – Dow: DOWN 0.3 percent at 30,333.59 (close)

Brent North Sea crude: DOWN 0.3 percent at $92.14 per barrel

West Texas Intermediate: DOWN 0.2 percent at $84.31 per barrel.