U.K. Sterling Pound suffered a record low for 2017 after the snap poll results went against the ruling party with no party gaining the majority in the elections. This has resulted in the Hung Parliament with both the ruling and the opposition party are trying their best to form a coalition government.
This resulted in Pound plunge to a record low of 1.27 against the U.S Dollars which is a drop in the value of currency by 2.34 percent. Against the Euro, it recorded a 7 month low at 1.1287.
The value of the currency however gained some momentum in the afternoon as soon as the British PM Teresa May announced that she would form a coalition government with the help of Northern Ireland’s Democratic Unionist Party.