Sterling falls to lowest level in 31 years after Brexit

The British Pound Sterling dropped on Wednesday to its lowest level in 31 years to trade at less than $1.30 due to the uncertainty in financial markets after the United Kingdom voted to leave the European Union on June 23.

The UK currency fell to $1.286 in Asian markets, while it stood at $1.290 at the London Stock Exchange on Wednesday morning, down by 0.87 percent compared with the previous session.

Sterling went down by 0.77 percent against the euro, standing at 1.167 euros, its lowest value since 2013.

The UK currency sharply decreased after Mark Carney, governor of Bank of England, admitted on Tuesday that the risks of the Brexit had “begun to crystallize.”