June 14, 2012 / 7:58 PM / 7 years ago

Sterling rises on UK plan to launch funding scheme

NEW YORK (Reuters) - Sterling rose against the dollar on Thursday after the British government and the Bank of England said it will act together with new monetary tools to address tightening credit conditions in the country.

The British pound hit session highs versus the dollar at $1.5563 after the news, from about $1.5549. It was last at $1.5562, up 0.4 percent on the day.

Reporting by Gertrude Chavez-Dreyfuss; Editing by James Dalgleish

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