LONDON, The British pound jumped Wednesday after the BBC reported that a majority of Conservative Party lawmakers were set to back Prime Minister Theresa May in a noconfidence vote.
At about 1330 GMT, sterling advanced to $1.2579, having earlier hit a fresh
20month low at $1.2478. The pound recovered to 90.18 pence versus the euro.
According to the BBC, May was set to win the vote with at least 158
Conservative MPs more than 50 percent of those eligible having pledged
their support for the embattled premier.
May was hit by a noconfidence motion from her own party on Wednesday over
the unpopular Brexit deal she struck with EU leaders last month.
The move plunged her deeper into her biggest crisis since she took office
after Britons voted in June 2016 to leave the European Union.
Source: Bangladesh Sangbad Sangstha (BSS)