The pound is heading back to lows hit in the immediate aftermath of the UK’s exit poll as major Conservative seats look under threat in the general election.
Sterling is back down to $1.2746 against the dollar, approaching the low of $1.2704 hit after the exit poll was released at 10pm (BST) weakening 1.6 per cent.
The currency has taken another knock as a number of key seats are due to be called in coming hours. They include the London borough of Kensington and Chelsea – a Conservative seat since 1997 – as well as Battersea and Croydon where Labour are all hoping to unseat incumbent Tory MPs.
Conservative home secretary Amber Rudd is also facing a tight count in the seat of Hastings & Rye, as well as Tory minister Ben Gummer in Ipswich.
The first seat in Scotland has also declared tonight in the seat of Rutherglen & Hamilton where Labour have won the seat from the Scottish Nationalist Party.
At publication time, 28 seats have been declared. 20 have gone to Labour and 7 to the Conservatives.
Chart via Bloomberg