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Beleaguered pound hits near two-year low against dollar

The pound found itself on the ropes against the strengthening dollar again yesterday, weighed down by financial markets� belief that the Bank of England�s inflation report on Wednesday signalled cuts in UK interest rates.

The pound found itself on the ropes against the strengthening dollar again yesterday, weighed down by financial markets' belief that the Bank of England's inflation report on Wednesday signalled cuts in UK interest rates.