British pound slumps to 37-year low against US dollar

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.

It marks the first time the GBP/USD rate has fallen below 1.12 since January 1985.

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