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The Sterling Exchange Rate Index (SERI) measures sterling’s value against a ‘basket’ of currencies, ‘trade‑weighted’ (based on currencies’ relative importance in UK trade).

The SERI was down 1.2% between August and September, following an increaseof 1.5% between July and August. Compared with the same period a year ago, it is 0.8% higher. It is 26.8% below its January 2007 peak level.

On average in September compared with August, the pound fell by by 1.3% against the dollar. The pound fell sharply against the dollar following the EU referendum, from $1.48 on 23 June 2016 to $1.14 in June 2017 – a 31 year low. In 2018, the value of the pound against the dollar reached as high as $1.43 in mid-April (the highest since the EU referendum) though its highest rate in 2019 was $1.33. The value of the pound fell to $1.15 on 23 March 2020, its lowest since June 2017, though has now remained above or around $1.30 since late July.

Sterling was down 1.0% against the Euro on average in September compared to August, following an increase fall of 1.6% between July and August. On 2 September, the pound was valued at €1.24, its lowest value against the Euro since May 2018.

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