DHAKA: The pound has hit a new low in Asian trading as concerns about the UK’s vote to leave the European Union continue to weigh on investor confidence.

It touched 1.2798 against the dollar on Wednesday, a 31-year low, before recovering slightly to $1.2963, reports the BBC.

The pound has now fallen about 14% against the dollar since hitting $1.50 ahead of the referendum result.

US government bond yields also fell to record lows as investors rushed to put money in perceived havens.

The falls follow decisions by fund managers, including Standard Life and Aviva, to stop investors withdrawing money from their UK property funds.

They said the high levels of uncertainty caused by the referendum had led to investors rushing to pull their money out.

Investor confidence was further undermined by the Bank of England’s warning on Tuesday that there was evidence some of the risks it identified related to Brexit were already emerging.

Disappointing data on the UK services sector and a decline in US factory orders also fuelled pessimism.

BDST: 1451 HRS, JUL 06, 2016
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