Pound stabilises as May prepares minority government

The pound stabilised on Monday after suffering its biggest one-day drop in about eight months on Friday in the wake of the shock election result, BBC informs. 

Sterling was little-changed against the dollar at $1.2739 and dipped 0.1% against the euro to 1.1367 euros.

On the stock market, the FTSE 100 index opened down 0.4% at 7,497.14.

Analysts said markets were now waiting to see how the government's approach to Brexit would change, if at all, following the election.

Last Thursday's election saw Prime Minister Theresa May lose her majority, throwing the country into political uncertainty.

Mrs May had been hoping to increase her majority ahead of the upcoming Brexit negotiations with the European Union.

She is now in talks with the Democratic Unionist Party to support her administration.

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