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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 fell 0.3% between November and December, following an increase of 1.1% between October and November. Compared with the same period a year ago, it is 3.2% lower. It is 26.0% below its January 2007 peak level.

On average in December compared with November, the pound rose by 1.7% against the dollar, following an increase of 1.7% between October and November. 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 $1.36 on 30 December, its highest rate since May 2018.

Sterling was down 1.1% against the Euro in December compared to November, following an increase of 1.2% between October and November.


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