Sterling's Brexit freefall reaches lowest level against the dollar since 1985


Sterling continued its post-Brexit freefall by plummeting to a fresh 31-year low against the dollar as Asian markets opened on Wednesday.

The pound hit 1.2861 dollars, more than 15% below the levels seen on referendum day, in early trading.

Against the euro sterling fell 1% below Tuesday's closing figure to 1.1625, its lowest level since 2013.

The slide follows a sharp drop on Tuesday following poor performance figures for the UK's dominant service sector.

Measures by the Bank of England to help prop up the British economy, which include relaxing funding rules for banks to boost lending by up to £150 billion, failed to buoy the pound.