Following concerns over a hung parliament, the pound has dropped to a nine-month low against the dollar.
A sterling sell-off has resulted from worries that a clear winner will not emerge from the UK election, which is expected on or before May 6th.
Currently the Conservatives' lead over Labour has been narrowing, putting pressure on the pound and causing currency to fall sharply from 1.52 to 1.48.
There have also been doubts about whether a minority government led by either party would be able to command support for a budget setting out a credible plan for reining in the deficit.
Mark O'Sullivan, director of dealing at foreign exchange firm Currencies Direct, said: "Until the political situation in the UK becomes clearer, sterling will remain very, very vulnerable."
According to ING Commercial Banking's Chris Turner, the recent drop experienced by the pound is the largest one-day fall since January last year.
During the most difficult stage of the recession last year, sterling reached a 24-year low of 1.35 dollars.
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