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The pound was down 0.6 per cent on the day against its US counterpart at 08:31 BST, putting it on $1.4450, however it was priced at 84.15p against the euro, which dipped to a year-low, Reuters reports.
Its drop versus the greenback came as sterling tracked the weakness seen in the euro, which has been suffering recently due to worries about the level of debt across eurozone countries.
The currency was also affected by falls during stock market trading on the FTSE 100 and Ian Stannard of BNP Paribas was quoted by the news source as saying: "Sterling has been caught in the crossfire of dollar gains."
At 09:18 BST, the FTSE was down 1.78 per cent - putting it on 5,095.84 points - with BP the biggest faller as it struggles to contain the oil spill in the Gulf of Mexico.
Posted by Greg Secker
