The value of sterling hit a 35-year low point against the US dollar on Wednesday, as the coronavirus eroded investor confidence in financial markets.
The slump in sterling started last week after the Bank of England (BOE) slashed interest rates to 0.25% in an effort to prop up the economy.
The value of sterling was £1 to US $1.17, putting it at its lowest exchange rate since 1985
With growing expectation that further quantitative easing measures will be announced by the BOE to bolster the UK economy, markets have reacted negatively this week.
As of Wednesday, the value of sterling was £1 to US $1.17, putting it at its lowest exchange rate since 1985.
Sterling is now trading at a level below that in the immediate aftermath of the Brexit referendum in June 2016.
The euro is also strengthening against sterling, with €1 now worth 92p.