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“There has been a significant increase in shoppers coming from the Republic,” said Murray.

The country’s companies are starting to feel the pain.

On Tuesday, Dublin-based Ryanair Holdings Plc cut its 2017 net profit outlook by 5 per cent, citing the post-Brexit drop in the pound.

It was more than 18 per cent overvalued at the end of 2015, the gauge showed.

For Ireland, the drop in the pound poses wide challenges.