November 6, 2018 / 9:19 AM / 8 months ago

Sterling rises after report EU to compromise on Irish border Brexit proposal

Wads of British Pound Sterling banknotes are stacked in piles at the GSA Austria (Money Service Austria) company's headquarters in Vienna July 22, 2013. REUTERS/Leonhard Foeger/File Photo

LONDON(Reuters) - Sterling rose a quarter of a percent on Tuesday as hopes grew for a Brexit deal breakthrough, encouraging investors to buy the British currency with the struggling dollar also fueling gains.

The European Union is preparing to back a compromise proposal on the Irish border to resolve the last major hurdle in Brexit negotiations, the Times of London reported on Monday. [nFWN1XG155]

The British currency rose to a two-week high of $1.3085 GBP=D3 in early London trading. Against the euro EURGBP=D3 the pound rose 0.1 percent to 87.25 pence, close to a five-month high of 87.23 pence hit on Oct. 10.

Hopes of a deal have lifted the pound in recent days with the British currency rising 3 percent versus the dollar this month.

Reporting by Saikat Chatterjee; Editing by Tom Finn

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