The British pound is stable after the election slide

London, June 12: The British pound on Monday stabbed Asian markets, remaining after its lowest results in the general election last week. The currency traded at $1.2740 early on Monday after Friday's $1.2743 close, reports the BBC. On Friday, the British currency reacted to the vote by sliding 1.7 per cent, its biggest one-day drop in about eight months. Analysts suggest the likelihood of a minority Conservative government might stave off further falls in the currency.

Prime Minister Theresa May is in talks with Northern Ireland's Democratic Unionist Party to seek the support of MPs to govern a minority Conservative government. The June 8 snap general election saw the loss of the Conservatives' majority in the House of Commons, throwing the country into political uncertainty. The uncertainty caused by the election result has also led business confidence to sink "through the floor", according to a lobby group.

A snap poll of 700 members of the Institute of Directors found a "dramatic drop" in confidence following the hung parliament. Brexit negotiations with Brussels are due to begin on June 19, the outcome is expected to have a substantial impact on both the UK and the European Union.