Sterling edges towards euro parity

The dramatic decline in the value of the British currency showed few signs of abating as it edged towards parity with the euro on Wednesday.

By the end of the trading day in Europe, one pound traded at €1.02 and $1.45 against the euro and the dollar respectively.

The pound has suffered a sharp and persistent drop since the start of the global credit crisis. In September 2007, sterling traded at just below €1.50 to the single currency and reaches as high as $2.10 against the greenback.

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