LONDON: Sterling hit a two-week high against the dollar on Wednesday after a UK budget statement that did not give as much flexibility to the Bank of England as some market players had anticipated.

The pound rose 0.6 percent on the day to $1.5187, its highest level since March 6.

Some investors were also cutting long dollar positions before the conclusion of a US Federal Reserve meeting. Policymakers are expected to sustain stimulus measures to support the US economy.

<Center><b><i>Copyright Reuters, 2013</b></i><br></center>