LONDON - The British pound fell to its lowest level in over a week against the dollar on Wednesday after a survey showed a slump in UK business activity in August.

The S&P Global/CIPS Purchasing Managers' Index (PMI) tumbled to 47.9 in August from 50.8 in July, according to a preliminary estimate, the lowest level since January 2021.

The pound was last down 0.4% at $1.2683 - its lowest level since Aug. 14. It slipped 0.2% against the euro , with the single currency buying 85.30 pence.

(Reporting by Samuel Indyk; editing by Dhara Ranasinghe)