The pound hit its highest level against the dollar in the seven months before falling back as the greenback gained ground against various currencies. In the morning trade, one pound was worth $1.6664 but it had fallen to $1.6375 by mid-afternoon.
The dollar recovered after Asian monetary officials said that they would keep purchasing US Treasuries even if there were cut in US credit rating. The pound earlier had gained on hopes of easing of the UK recession. Moreover, Sterling was also stronger against the euro and touched a seven-month high against the Japanese yen of 160.47 before falling back.
The dollar recovered after Asian monetary officials said that they would keep purchasing US Treasuries even if there were cut in US credit rating. The pound earlier had gained on hopes of easing of the UK recession. Moreover, Sterling was also stronger against the euro and touched a seven-month high against the Japanese yen of 160.47 before falling back.
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