October 22, 2018 / 12:25 PM / a year ago

Sterling below $1.30 on report Northerm Irish DUP to back rebel Brexit amendment

LONDON (Reuters) - Sterling fell below $1.30 on Monday for the first time in more than 2-1/2 weeks, extending losses after the Telegraph’s deputy political editor reported Northern Ireland’s DUP would back a Brexit amendment being tabled by eurosceptic parliamentarians.

The pound fell half a percent against the dollar to a low of $1.2985 while against the euro it lost 0.4 percent to trade at 88.47 pence per euro

The Northern Irish party which props up British Prime Minister Theresa May will back an amendment proposed by rebel Brexiteer lawmakers that will effectively make the European Union’s backstop proposal illegal.

May is to address parliament later on Monday.

Reporting by Sujata Rao; Editing by Tommy Wilkes

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