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CBE sells $39mln in FX auction; pound steady

CBE sells $39mln in FX auction; pound steady
The Central Bank of Egypt (CBE) said it sold $39 million in a foreign currency auction on on Thursday, at a cut-off price of 7.1401 pounds per dollar, unchanged from Wednesday's rate.
In the unofficial market, the pound was slightly stronger, trading at 7.39 to the dollar, one trader said, compared with 7.38 on Wednesday, according to Reuters.
The rate for dollar sales has stayed in a tight range since the beginning of June, after the bank allowed the pound to weaken in May. The central bank offered $40 million on Thursday.