Sterling has fallen to a 10-month low against the dollar amid a sell-off of Scotland-linked companies, after a weekend poll showed a potential surge for independence.
The markets reacted with widespread negative sentiment over rising uncertainty about the United Kingdom's economic stability.
The pound was trading down more than 1% against the US dollar in midday trades. At 3pm it was still 0.99% down.
A broad range of companies with major interests in Scotland also saw their share prices fall on Monday.
Weir Group saw its shares drop more than 2.45%, SSE fell 2.44% and defence contractors Babcock and BAE Systems slid 4.87% and 2.37%, respectively.
The Royal Bank of Scotland dropped 2.88%, Lloyds Banking Group was down 3.36% and Standard Life fell 4.2%.
The drops eased slightly in afternoon trades.
Many leading pension funds have significant exposure to the banks and big companies affected by the sell-off.
Forex.com research director Kathleen Brooks told Sky News: "An independent Scotland would potentially have to start a currency from scratch, which is a hard thing to do.
"Obviously a new currency was formed with the euro, but that was decades in the making - and Scotland doesn't have the time so it would be a real uphill struggle."
The sell-off follows a YouGov poll in the Sunday Times which indicated that 51% of Scots supported independence while 49% backed the current Union.
It was the first time polls suggested there could be a 'Yes' vote for independence in the referendum on September 18.
On Sunday, Chancellor George Osborne sought to head off the surge of support for an independent Scotland by promising more powers north of the border, including control over taxation, job creation and welfare spending.
"The markets took for granted for so long that it was going to be a 'No' vote and as the polls narrow there has been a huge change in sentiment," Ms Brooks added.
"If there is a 'Yes' vote in 10 days' time things are going to get very ugly in the markets, not just for the pound, but for stocks and potentially raise our borrowing costs in the UK without Scotland."
And on Monday, party leaders began a final push to sway undecided voters as Alistair Darling, leader of the Better Together campaign, warned a Yes vote "would be forever".
The Scottish Government, based on expert advice it has received, has said that Scotland should continue to use the pound as part of a currency union with the rest of the UK.
As a fully tradeable currency Scotland cannot be stopped from using sterling.
In arguing its case, the 'Yes' campaign said: "A formal currency union would provide the right balance of autonomy for government and stability for business, as well as straightforward access to markets in the remainder of the UK."
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