Value of the euro drops to a 20 month low following resignation of Italy's PM

The value of the euro has dropped to a 20-month low against the dollar after the resignation of Italy's prime minister.

At one point it hit €1.5 - its lowest level since March last year.

Matteo Renzi promised to stand down if he lost a referendum on reforming the country's constitution - which he did.

Hannah Roberts is a journalist in Rome.

She says it's a boost for populist opposition movements, which could bring the country's membership of the single currency into question: "The five star leaders have spoken tonight and refused to rule out a referendum on the euro so if they did get in that is a possibility."