Pound struggles to recover after plunging 6% in 2 minutes

poundThe British pound suffered a sudden fall of more than 6 per cent against the US dollar early on Friday before recovering most of its losses, amid mounting concerns over the UK’s exit from the EU.

Shortly after currency markets opened in Asia on Friday, the pound lost as much as 6.1 per cent to $1.1841 in two minutes. The shortlived drop sparked speculation that it could have been triggered by a mistaken “fat finger” trade or a rogue automated algorithm, exacerbated by thinner liquidity during early Asian hours.

Know More:

This word is a unit of currency in some nations. The term originated in Great Britain as the value of a pound (weight) of silver. This word is cognate with, among others, German Pfund, Dutch pond, and Swedish pund. This word first referred to a unit of mass or weight; the currency originated as a pound (by weight) of silver. The currency’s symbol is £, a stylised representation of the letter L, standing for livre or lira. Historically, £1 worth of silver coins were a troy this word in weight; in August 2016 this amount of silver was worth approximately £170 sterling.

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