Sterling slid to its lowest in more than three decades against the dollar today, as investors sold the currency on worries over the impact of Britain's looming departure from the European Union.

Sterling skidded more than 1 percent yesterday on the back of Prime Minister Theresa May's announcement on Sunday that the formal process that will take Britain out of the EU will start by the end of March.

It extended those falls today, slipping more than half a percent to $1.2764, its weakest since June 1985.

It also hit a three-year low of 87.51 pence per euro, down 0.2 percent on the day.

After the formal 'Article 50' legal exit process is triggered, Britain and the EU will enter an initial two-year negotiating period.

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