Pound hits 5-year low vs dollar as crisis deepens

Sterling slid to a five-year low against the dollar on Friday, with European currencies taking a hit from their steep sell-off against the safe-haven yen on the worsening crisis in financial markets.

The pound fell 0.6 percent to a low of $1.6989 on the Reuters dealing system, falling below $1.70 for the first time since November 2003. Earlier the pound fell to a seven-year low against the yen near 166.70 yen.

(Reporting by Eric Burroughs)