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 fell by 2.6% between June and July, following a fall of 1.7% between May and June. Compared with the same period a year ago, it is 1.4% lower. It is 27.9% below its January 2007 peak level.
On average in July compared with June, the pound fell by 1.7% against the dollar, following a fall of 1.3% between May and June. 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 fallen since, reaching $1.21 in August 2019, its lowest level since March 2017.
Sterling was down 1.0% against the Euro on average in July compared to June. On 2 August 2019, the Euro was valued at €1.09 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