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Pound plunges on hung Parliament fears

The pound plunged to a ten-month low yesterday on fears that the UK is heading towards a hung Parliament at the general election.

Sterling dropped 1.7 per cent to below $1.50 against the dollar – the weakest level since May 2009.

At 8.30am this morning, the pound stood at $1.489.

The fall in sterling came after opinion polls revealed at the weekend that election may result in Labour remaining the largest party but without an overall majority in Parliament.

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