British pound slumps to 37-year low against US dollar

ISTANBUL – The British pound slipped to 1.1187 against the US dollar on Friday, its lowest level in 37 years.

The drop came a day after both the US Federal Reserve and the Bank of England hiked interest rates by 75 and 50 basis points, respectively, Anadolu Agency reported.

It marks the first time the GBP/USD rate has fallen below 1.12 since January 1985. — BERNAMA / Pic by AFP