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Sterling rallies as PM May seeks Brexit extension
[LONDON] The pound rallied against the euro and the US dollar on Tuesday after Prime Minister Theresa May said Britain needs a further extension of Article 50 to ensure it leaves the European Union in a timely manner.
Fears that the United Kingdom may crash out of the EU without a deal by April 12 had pressured the pound earlier on fears of a protracted Brexit logjam.
The pound rallied as much as 0.3 per cent against the dollar to above US$1.31. It strengthened against the euro to 85.49 pence.