Pound drops to 37-year low against dollar amid fears of recession in Britain

The British pound on Friday plummeted to its record low against the dollar amid fears that the UK economy is already in recession. The pound is at its lowest level against the dollar since 1985. There has been a fall of more than 1 per cent against the dollar to $1.1351. It was last trading at $1.1404. This reflects the concerns about the outlook for Britain. 

It is worth mentioning that several major currencies have been struggling against the dollar in recent months. 

Meanwhile, one pound is priced at Rs 90.84 on Friday.

Meanwhile, the next Federal Open Market Committee (FOMC) meeting is scheduled for September 20-21. The Federal Open Market Committee holds eight regularly scheduled meetings during the year and other meetings as and when required.

The September meeting will be associated with a Summary of Economic Projections.

Earlier, Federal Reserve in a press release after July 27, 2022 meeting said, "Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. Russia’s war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks."