September 19, 2018 / 11:28 AM / a month ago

Sterling falls after Times reports UK PM rejected EU's Irish border offer

LONDON, Sept 19 (Reuters) - Sterling gave up earlier gains and hit the day’s lows on Wednesday at $1.3098 after the Times reported that Britain’s Prime Minister Theresa May had rejected an improved offer from chief negotiator Michel Barnier on the Irish border issue.

The pound fell 0.2 percent after the media report and gave up its earlier gains after data earlier showed that British inflation quickened. It had risen as high as $1.3215 earlier following inflation data.

The euro edged 0.1 percent higher at $1.1681

The European Union’s chief Brexit negotiator Michel Barnier said on Tuesday the bloc was ready to improve its proposal for an “insurance policy” backstop arrangement on how to manage its Irish border that would avoid creating a physical customs border on the Irish Sea. (Reporting by Saikat Chatterjee; editing by Sujata Rao)

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