The pound has tumbled to a 10-month low as fears grow the UK will have a hung parliament in the forthcoming election.
The currency fell 1.7% to drop below the $1.50 level against the dollar for the first time since May. It has lost 7% against the dollar this year.
The pound also fell against the euro and most other major currencies.
The weak pound is good news for property investors, as UK house prices become cheaper to buyers from overseas.