Sterling fell across the board yesterday after the Bank of England released the minutes of the monetary policy committee meeting earlier this month.
The minutes show that the committee was unsure about the effects of the present credit crisis that has sprung from the US subprime mortgage meltdown.
Trading against the euro saw the pound drop to 69.94 pence per euro, its lowest level in a year, according to Reuters figures.
Against the dollar, the pound was trading at 1.9990 around mid-afternoon, a drop of 0.6 per cent.
Meanwhile, Bloomberg reports that the dollar has traded near a record low against the euro on the back of speculation regarding the content of a forthcoming speech from Federal Reserve chairman Ben Bernanke.
He is expected to reveal that economic growth is under threat when he addresses Congress later today.
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