Sterling drops on currency markets as Tories jostle for power

Sterling was on the back foot on currency markets on Friday as Britain entered another political rollercoaster after the resignation of Prime Minister Liz Truss.

The pound fell 0.8 per cent to a weekly low of $1.115, reversing a brief rally after Ms Truss announced her departure. It dropped 0.5 per cent against the euro, to €1.142.

The slide came as Conservative MPs began manoeuvring for the frantic week-long leadership contest to succeed Ms Truss.

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