Sterling fell to a fresh 31-year low against the dollar as Asian markets opened on Wednesday.
The pound hit $1.2861, more than 15% below the levels seen on the day of the EU referendum, in early trading.
Against the euro sterling fell one per cent below Tuesday's closing figure to €1.1625, its lowest level since 2013.
The slide follows a sharp drop on Tuesday following poor performance figures for the UK's dominant service sector.
Sixteen UK-based stores will be closed in August, putting hundreds of jobs at risk.Read the full story ›
ITV News' economics editor, Noreena Hertz, explores the Bank of England's announcement that they are to help boost lending by up to £150 billion.
In a speech on Tuesday, Mark Carney, Governor of the Bank of England warned of "challenging" time ahead following the Brexit vote.
Aviva has suspended trading in its £1.8 billion property fund as investors scramble to pull their money out of UK commercial property holdings following the Brexit vote.
"Extraordinary market circumstances" - @avivainvestors suspends £1.7bn UK property fund. Some investors clear feel it's not worth that now.
The move follows Standard Life Investments, which made the same move on Monday, halting dealings in its £2.7 billion UK property fund.
Over recent months we have been experiencing higher than usual volumes of requests to sell units in the trust, and this, coupled with challenging market conditions in light of investor sentiment regarding the EU referendum, has reduced the amount of cash held by the trust.
As it takes a considerable time to sell properties, we have had to suspend dealing until the amount of cash held in the trust increases.
The suspension means that investors are now restricted from buying or selling shares in the fund.
Aviva said it is acting in the interests of all investors, adding that it was unable to give a timeframe for when the suspension would be lifted.
It's probably only a matter of time before we see other funds follow suit. The problem these funds face is that it takes time to sell commercial property to meet withdrawals, and the cash buffers built up by the managers have been eroded by investors heading for the door, both in the run-up to the EU referendum, and in the aftermath.
Three former Barclays traders have been found guilty of conspiring to fraudulently manipulate global benchmark interest ratesRead the full story ›
Bank of England governor signals possible interest rate cut saying "monetary policy easing will likely be required".Read the full story ›
Their warning depends on whether negotiations for a post-Brexit Britain do not offer freedom of movement for people, capital and goods.Read the full story ›
British businesses can eventually benefit from Brexit, the business secretary has said as he urged Britain to begin "embracing" the vote to leave the European Union.
Speaking at parliament during a regular question session, Sajid Javid said there will be medium-term and long-term opportunities for businesses from the vote, including for the auto industry.
Because of last week's decision of course there are some short term challenges for businesses but we must also remember there are medium-term and long-term opportunities for business as well, and that includes the auto industry.
"Free trade agreements with many more countries is just one of those, Australia I think is an excellent example, it is exactly the thing we should be working on," he added.