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Sterling dropped as low as $1.8405 - its weakest since July 2006.
Sterling has fallen sharply this month. As recently as mid-July, one pound bought two dollars.
The pound's losses gathered pace on Friday after news the economy stagnated in the second quarter, raising fears of a recession.
The euro also fell against the dollar, trading at $1.4708 but above a six-month low of $1.4630 hit last week.
The US currency has benefited as the economic outlook has darkened in the UK and Europe.
Investment guru Warren Buffett said on Friday that he had no bets against the dollar - underscoring the currency's strength.
The fall in sterling could help exporters whose goods will be cheaper overseas.
But it will hurt holidaymakers who have benefitted from a strong pound when travelling to countries which use the dollar.
(BBC)
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