The pound has slipped as low as $1.3113 today following weaker than expected inflation data.
According to the Office for National Statistics, UK inflation fell back in September to 2.4 per cent. In August Consumer Price Inflation was running at 2.7 per cent.
The biggest contributors to falling inflation came from food and drinks (non-alcoholic), transport, recreation, culture, and clothing.
Commenting on today’s results, ONS statistician Mike Hardie said: