3/28/2017, 7:02 PM (Source: TeleTrader)
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Sterling falls as Scottish Parliament backs referendum

The British pound extended its losses on Tuesday after the Scottish Parliament voted in favor of holding a second independence referendum in the wake of Britain's decision to leave the European Union.

Members of the Scottish Parliament voted 69 to 59 in support of the First Minister's motion to give Scottish people the opportunity to choose whether to remain part of the United Kingdom before Britain leaves the bloc. Meanwhile, UK Prime Minister Theresa May is expected to trigger the country's official departure from the EU on March 29, initiating a two-year long negotiation process.

Sterling plunged 0.64% against the United States dollar to go for 1.24797 at 6:59 pm CET, and 0.34% compared to the euro, changing hands at 1.1521. The currency lost 0.39% versus the Swiss franc and 0.6% against the Japanese yen.

Baha Breaking News (BBN) / IB