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Wednesday, July 23, 2014  

Egyptian pound edges stronger
CAIRO The Egyptian pound edged stronger at a central bank foreign exchange auction on Thursday, a day after the military ousted the country’s president Mohamed Mursi, a banker said.

The central bank sold $38.8 million to banks at the auction, with the cut-off price at 7.0184 pounds to the dollar compared to 7.0189 pounds at Wednesday’s auction, the banker said.

On the black market, the pound weakened further as dealers fear economic volatality with one  dealer offering to sell dollars for 7.65 pounds and buy dollars for 7.60 pounds, compared to 7.55 and 7.50 on Wednesday.

It was the first time the currency has strengthened on the official market since the central bank introduced the auctions at the end of December to help stave off a currency crisis and thwart a run on the pound.

Since then, the central bankhas allowed the currency to lose almost 12 per cent of its value on the official market.

Reuters
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