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According to Reuters, the European currency was down to 88.71p earlier in the day - its lowest since the end of February - before recovering slightly to be priced at 89.25p at 15:00 GMT.
The pound, which reached $1.5188 against the greenback, was priced at $1.5145 against its US counterpart at the same time, an increase of 0.5 per cent on the day.
It was boosted by the release of favourable economic data, including the publication of a bigger-than-expected dip in US private sector jobs - which caused traders to sell the dollar - and an upward revision of UK economic growth in the final quarter of 2009.
Sterling also climbed against the dollar in early trading yesterday, but its gains were limited due to ongoing worries that the upcoming general election could create a hung parliament.
Posted by Chris Weaver
