Sterling gains on currency exchange markets

The value of sterling rose on the currency exchange markets today (April 30th).

Following some progress on Greece's fiscal debt crisis, the UK currency increased against the dollar, as did the euro.

Robert Minikin, a senior currency strategist at Standard Chartered, told Reuters: "Sterling is picking up a bid on the euro's gains after the reassurances on Greece."

However, the risk of a hung parliament in next week's general election is still holding back the pound.

Elsa Lignos, currency strategist at RBC, told the news source: "Sterling is still trapped by political uncertainty, which may persist after the election.

"We know we're in hung parliament territory ... but other than that we're not certain."

Sterling maintained its gains against the dollar today so that at 08:30 BST this morning £1 bought $1.537.

The euro showed increases of just over half a percentage point and was trading for $1.33 at the same time.

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Posted by Chris Barber