The exchange rate of the British currency, the British pound, continued to decline for the fifth day in a row, to reach a price of 1.25 dollars against the US dollar, after it was at the beginning of the month above the level of 1.31 dollars for the pound.
The sterling lost more than four percent of its value this week, reaching its lowest level in two years, specifically in 21 months.
The British pound fell 0.6% to $1.2561, by 0922 GMT, reversing yesterday’s gains, and retreating to its lowest level since July 2020, when it reached $1.2412 last week..
Against the euro, the pound fell 0.4% to 84.39 pence.
Today, Thursday, the Bank of England raised the interest rate by 0.25% to 1%, with the rise in inflation, which is the fourth time in a row to raise the interest rate by the Bank of England, and the first pace of its kind since 1997, according to the Al-Arabiya website.