27 Jun '11, 2am

British pound falls to record low against Singapore dollar

British pound falls to record low against Singapore dollar

Customers wait around a money changer booth in Singapore. The British pound dropped to a record low against the Singapore dollar last week. -- PHOTO: AFP THE British pound dropped to a record low against the Singapore dollar last week, after the Bank of England said it might add to its bond purchase programme if the economy did not pick up. After sliding 1 per cent over two days against the Singdollar, the pound hit S$1.9722 last Thursday for a new record, but rebounded to S$1.9809 last Friday. Its weakness came after Bank of England markets director Paul Fisher said last Tuesday that more stimulus 'hasn't been ruled out'. Observers say the British economy may need support after its budget deficit narrowed less than expected last month. Adding to the bearish sentiment for the pound, minutes released last Wednesday from the central bank's most recent meeting showed that mor...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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