Economy, Business And Markets

Sterling Rallies to 1-Month High

Sterling Rallies to 1-Month HighSterling Rallies to 1-Month High

Sterling rallied to a one-month high after upbeat UK data on Wednesday. The British currency rose 0.65% to 51,430 rials by 1142 GMT in Tehran, as British jobs data beat expectations leading to the pound’s rally against all major currencies. Sterling also rose 0.61% to 1.5743 versus the dollar, its highest since May 18. British workers’ total pay grew more than expected to hit its fastest rate in nearly four years in the three months to April, official data showed on Wednesday, in the latest sign of a recovery in living standards. The Office for National Statistics also said Britain’s unemployment rate held stable at 5.5%, holding at its lowest level since 2008, Reuters reported. Sterling’s climb against the rial was more than its gains against the greenback, mainly because of the rial’s 0.15% weakening against the US currency to 33,000 rials on Ferdowsi Street–the hub of foreign exchange trading in Iran.