LONDON Bank of England Governor Mervyn King said on Thursday that he was not seeking a further depreciation in sterling, and that markets judged that the currency was at an appropriate level.
"We're certainly not looking to push sterling down," King told ITV News in an interview.
Sterling has fallen sharply since the start of the year, but King said this reflected a reversal of an appreciation in 2012.
"Basically we're at the same level we were after the impact of the financial crisis. The markets judged then that was the right level for the UK looking ahead and they seem to judge that now," he added.