At sterling’s 21st-century peak in 2008, £1 was worth over US$2 on the foreign exchanges. During the calamitous premiership of Liz Truss in October 2022, the pound sank almost to parity (£1=$1) against the American dollar.
The UK currency has recovered slightly, but is still only worth $1.27 or so. Sterling’s fall is mirrored against other currencies that are locked to the US$, including UAE dirhams and the dollars used in many Caribbean islands.
