World
Pound tumbles 11% as Britain votes for Brexit
London: The pound dropped 11 per cent to its lowest level in over three decades as the market awoke to the shock that Britain voted narrowly to exit the European Union (EU).
Dramatic falls in the pound peppered market trading early on Friday, wiping out earlier confidence from exit polls that suggested the ‘Remain’ camp would prevail, the Financial Times reported.
The euro, seen to be vulnerable if Britain voted to leave the EU, was also down 3.2 per cent against the dollar, which also rose strongly against emerging market currencies.
A stunning slide in sterling at 3.40 a.m. saw the currency plummet below $1.40, and 20 minutes later it had breached $1.35 to levels last seen in 1985.
An hour later, the pound touched a new low at $1.3224.
Steven Englander, head of G10 FX strategy at Citigroup, said: “This is major news that has hit the market and the market is trying to find the right price for sterling.”
The poundÂ’s gyrations added up to a record 13 per cent cent intraday range for the pound, smashing the 6.5 per cent from October at the height of the 2008 financial crash and the 4.9 per cent range on Black Wednesday in 1992.
Before any results had been declared, the pound had risen above $1.50, a gain of 0.9 per cent in early Asian trading, its highest level of the year.
Market confidence had been driven by global market research firm YouGov poll released after voting closed at 10 p.m. on Thursday indicating Remain was on course for victory.
But by midnight, traders began giving up their bullish support for the currency, pegging it back to below $1.48.
That wobble turned to outright fear as the pound plunged below $1.43 mark in seconds – a drop of 3.4 per cent – as the result from Sunderland was declared, showing a big majority for the Leave camp.
The pound continued to veer around, rising again to $1.4551, as the market waited anxiously for further results.
As Hong Kong opened, the pound slipped below $1.40, down 6 per cent on the Asian session, while it was hammered against the yen, losing 13 per cent of its value at one point.
The pound was also 8 per cent lower against the euro.
The yen, which opened the Tokyo session at 106 against the dollar, surged in early trading to below 100 for the first time since November 2013.
Soon after, it retreated to trade at 102.
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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