The idea of a DPC is that is forms a physical barrier to rising damp and that it is in a suitable location to avoid bridging
So yes you can run it up down or where you like as long as it is continuous and will not be bridged
If you lower the DPC below floor level, then you need to a suitable barrier between the internal floor and external wall - which would typically mean using a wide DPC and lapping it up or down to join with the floor DPM
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