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02-12-2008
Sterling has continued to fall against the dollar this morning after it experienced its largest percentage drop on Monday since 1992.
At 09:30 GMT the pound was trading at $1.479, compared to $1.482 at close yesterday. On Monday it fell by 5.2 per cent against the dollar.
In July, £1 was trading around the $2 mark.
Against the euro, sterling this morning was at 1.176 compared to 1.174 at the previous close.
Yesterday's drop was pound's largest since sterling crashed out of the Exchange Rate Mechanism (ERM) in 1992.
The 5.2 per cent fall in the FTSE 100 index acted to undermine the currency on Monday, as fears over the state of the UK economy grew.
The FTSE continued to drop this morning, losing 0.5 per cent in early trading before rallying slightly.
The drop in the pound was caused by increased speculation that the Bank of England will cut interest rates on Thursday.
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