Pound falls against Singdollar after British PM sets Brexit deadline

A five pound note.
A five pound note.PHOTO: AFP

SYDNEY (REUTERS) - The pound traded half a US cent lower in early Asia on Monday (Oct 3) after British Prime Minister Theresa May said she would trigger the process for the UK to leave the European Union by the end of March.

The pound was quoted at US$1.2921 having been down as far as US$1.2902 at one point, its lowest since mid-August.

Against the Singapore dollar, the pound weakened 0.2 per cent to 1.7647 as at 8:28am on Monday, after falling to as low as 1.7587 earlier in the day.

Ms May on Sunday told the ruling Conservative party's annual conference that she was determined to move on with the process and win the "right deal".

Using Article 50 of the EU's Lisbon Treaty will give Britain a two-year period to clinch one of the most complex deals in Europe since World War Two.

With additional information from the Straits Times