The British pound hit a record high.
Matt Cardy | Getty Images
The pound plunged to a record low on Monday morning in Asia, after the announcement last week by the new British government that it would implement tax cuts and investment incentives to boost growth.
It fell to an all-time low of $1.0382 on Monday morning in Asia.
Critics say these economic measures will disproportionately benefit the wealthy and could see the UK spiraling into debt at a time of rising interest rates.
In the Asia-Pacific region, the currencies of Japan, South Korea and China weakened against the greenback, while the Australian dollar was roughly stable.
The Japanese yen was trading at 143 levels against the dollar, weaker than after authorities intervened in the currency market last week.
The South Korean won was close to 2009 levels at 1,428.52 to the dollar.
The US dollar index rose against a basket of six major currencies.
— This is breaking news. Please check for updates.
