With eight seats short for the Tories to win, Theresa May will still seek permission to form a United Kingdom (UK) government.
The election in the UK saw the Tories winning 318 seats, just eight shy from the needed 326 to form a government.
However, one seat has yet to be announced.
The BBC reported that May will visit Buckingham Palace as she makes an attempt to stay as UK Prime Minister based on the understanding that the Democratic Unionist Party (DUP) will support her administration.
The DUP won 10 seats and between the two parties, they might have at least 328 Members of Parliament in the House of Commons.
The hung Parliament following the UK election has also taken a toll on the Sterling earlier, as reported by Reuters.
Meanwhile, the Labour party secured 261 seats, gaining 29 seats.
Labour leader Jeremy Corbyn earlier called on May to resign.
“The prime minister called this election because she wanted a mandate. Well the mandate she’s got is lost Conservative seats, lost votes, lost support and lost confidence,” Corbyn was quoted as saying by the BBC, referring to the Conservatives having lost 12 seats.
“I would have thought that’s enough to go, actually, and make way for a government that will be truly representative of all of the people of this country,” Corbyn added.