Pound hits lowest level in 6 years against dollar
The British pound fell against the US dollar Monday to its lowest level in nearly six years, and was also sharply down against other major currencies.
It was the seventh consecutive trading day on which the pound dropped against the dollar. The pound was quoted at $1.6295, more than 2 cents below its close here Friday. While the British government is happy to see the pound fall against the currencies of its major European trading partners, making Britain's exports more competitive, a decline against the United States currency boosts import prices and hampers the government's fight against inflation.