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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 rose by 0.8% between April and May, following a fall of 0.4% between March and April. Compared with the same period a year ago, it is 6.3% higher. It is 22.4% below its January 2007 peak level.

 

On average in May compared with April, the pound rose by 1.8% against the dollar, following a decrease of 0.1% between March and April. 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 pound fell to $1.15 in March 2020, its lowest since June 2017, before reaching $1.42 in May 2021, its highest rate since April 2018.

Sterling rose by 0.4% against the Euro in May compared to April, following a fall of 0.8% between March and April.


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