Pound Slides to Lowest Versus Dollar Since 1985 on Bank Concern - Tuesday 3rd of February 2009

The pound fell to its lowest level against the dollar since September 1985 and a record low versus the yen on speculation the U.K. government will nationalize banks.

The British currency dropped for a fourth day against the euro after Bank of England Governor Mervyn King said in a speech yesterday the central bank may start buying assets within weeks after cutting the main rate to the lowest level since 1694.

The pound fell as much as 2.2 percent to $1.3622, before trading at $1.3678 by 5:16 p.m. in London. It tumbled 3.6 percent to 120.47 yen, from 125.01 yen yesterday. It reached an all-time low of 119.42 yen. Against the euro, the pound depreciated to 94.15 pence, from 92.62 pence, after weakening to 94.30 pence per euro, the weakest since Jan. 5.

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