The pound rose in Asian trading on Tuesday after hitting a record low against the dollar, recovering slightly after the Bank of England and UK Treasury sought to calm rattled markets.
Sterling was up 0.9 per cent in morning trading at $1.0776, just a day after an early morning fall sent the currency tumbling almost 5 per cent to a record low of $1.035 after the UK chancellor Kwasi Kwarteng vowed to pursue more tax cuts.
The gains during the Asian morning came after Kwarteng attempted to calm markets with a co-ordinated statement with the BoE, vowing to accelerate development of a strategy to bring UK debt under control.
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