IRISH exporters have gained some relief from a recovery in sterling on the foreign exchange markets. The pound lost 0.3p to trade late yesterday around 103.25p sterling, with demand from the US boosting the British currency.

Exporters have complained recently as the pound edged towards 104p sterling, with many analysts in Dublin forecasting that the Irish currency is set to climb further. However, short term relief has been provided by strength in sterling, which was helped by news that British industrial production rose 0.2 per cent in March, ahead of forecast.

The deutschmark was also stronger, boosted by statements pointing to a maintenance of the German repurchase rate for the immediate future and penalising primarily the French franc and the peseta, traders said. However, the pound remained firm against the mark, rising slightly to close at DM2.3860.

Barclays de Zoete Wedd analyst Chris Turner said: "The mark continues to benefit from statements by two Bundesbank council members, Mr Edgar Meister and Mr Hans Jurgen Koebnick, to the effect that the repo rate will not be lowered in the immediate future."