President Obama’s approval rating has dipped below 40 percent for the first time in two years, according to a new poll from Gallup.

The daily tracking poll shows Obama’s approval rating at 39 percent, compared to 53 percent who disapprove. It comes as questions persist about the administration's handling of the launch of the health insurance exchanges.

The last time Obama was in such negative territory was in October 2011, when his approval rating dropped as low as 38 percent and his disapproval peaked at 54 percent.

Gallup is the first pollster in months to show Obama's approval in the 30s. Other recent polls have pegged his approval in the low-40s to the mid-40s.

The daily tracking poll is updated daily but reflects interviews conducted over the last three days.