Sterling hits record low against the dollar, as Asia-Pacific currencies also weaken

Sterling hits record low against the dollar, as Asia-Pacific currencies also weaken

Sterling hit a record low.

Matt Cardy | Getty Images

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.

It fell to an all-time low of $1.0382 on Monday morning 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.

In the Asia-Pacific region, Japan, South Korea and China’s currencies weakened against the greenback, while the Australian dollar was about flat.

The Japanese yen traded at 143-levels against the dollar, weaker compared to after authorities intervened in the currency market last week.

South Korea’s won was near 2009 levels at 1,428.52 per dollar.

The U.S. dollar index gained against a basket of six major currencies.

This is breaking news. Please check back for updates.

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