Exchange rates: Data on the value of the pound relative to other major international currencies.Jump to full report >>
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 1.4% between February and March, following a rise of 1.3% between January and February. This is the SERI’s third successive month on month rise. Compared with the same period a year ago, it is 0.9% higher. It is 24.3% below its January 2007 peak level.
On average in March compared with February, the pound rose by 1.1% against the dollar, following a rise of 0.9% between January and February. 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 has remained between $1.26 and a high of $1.33 in 2019.
Sterling was up 2.9% against the Euro on average in March compared to February. On 4 April 2019, the Euro was valued at €1.17 per £1. This compares with a daily all‑time low of €1.02 (on 30 December 2008), and a launch rate of €1.48 on 31 December 1998.
Commons Briefing papers SN02811
Author: Matthew Ward