October 18, 2018 / 3:27 PM / a month ago

Sterling hits 10-day low as PM May says EU Brexit border proposal unacceptable

FILE PHOTO: A British Pound Sterling note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo

(Reuters) - Sterling fell to the lowest level in 10 days against the dollar on Thursday, extending earlier losses after Prime Minister Theresa May said the European Union’s proposal on the border was unacceptable.

The currency touched a low of $1.3060, the weakest since October 9. Against the euro it was down 0.3 percent to 87.970 pence

A EU-UK summit has failed to yield a decision on Britain’s exit from the euro zone. May said there were still considerable unresolved issues with the European Union relating to a backstop Irish border arrangement, and she said the EU proposals were unacceptable.

Earlier the Irish prime minister said he had “huge difficulties” with the border proposal.

Reporting by Tommy Wilkes and Sujata Rao

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