(BBC News) The value of the pound has fallen dramatically as it emerged that the UK had voted to leave the EU.
At one stage it hit $1.3305, a fall of more than 10%, and a low not seen since 1985.
Before the results started to come in, the pound had risen as high as $1.50, as traders bet on a Remain victory.
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But following early strong Leave votes in north-east England, it tumbled to $1.43 and then took another dive after 03:00 BST as Leave maintained its lead.
The move in sterling is the biggest one-day fall ever seen and London's main share index, the FTSE 100, is expected to open sharply lower, with indications of a fall of around 7%.