Foreign exchange rates for businesses may be more crucial than ever after sterling suffered its second setback against its major rivals in as many days.

Reuters reports the UK money slipped after a survey by the country's purchasing managers revealed growth in British service sector activity was at its slowest since April 2009.

Consequently, the dollar made up approximately half a cent on the pound, while the euro rose to roughly the 83.28 pence mark.

It is thought a significant halt in hiring, caused by employers' doubts over the economic recovery and public spending cuts, was behind the data, the news source explains.

Yesterday (September 2nd), the same portal noted sterling suffered a 0.4 per cent weakening against its US counterpart and a 0.2 per cent setback versus the single European currency.

With this in mind, businesses may wish to put more emphasis on securing the most favourable foreign exchange rates available before making further transactions.

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