11.06.201722:08:00UTC+00Pound Steadies as PM May Tries to Regain Footing after Shocking UK Vote

The Sterling stabilized as UK Prime Minister Theresa May clambered to regain a semblance of unity in her Conservative Party following a disastrous election result that is seen to hinder official Brexit talks.

The British currency last traded at $1.2743 and was almost unchanged on the day, after falling 1.7% in the previous session, its steepest one-day decline in around eight months.

The pound had nosedived by as much as 2.5% in the preceding session to its lowest point since mid-april after no single party distinctly secured power in the British election, a result that was declared by several analysts as the worst possible election outcome because of the uncertainty it generated.

May is now attempting to unite the Tories to not only back her during talks but also broker a deal with a small Northern Irish party that will help her stay in power.

The pound's latest drop drove up the dollar, with last was at 97.190 versus its major peers. The dollar index has climbed to as high as 97.500 on Friday, its highest point since May 30 and pulling away from its multi-month low of 96.511 hit on June 7.