Cairo-Mubasher: The Egyptian pound continued to weaken in a foreign currency auction held by the central bank on Monday, reaching 7.53 per dollar, from 7.51 at the last sale.
This is the weakest level the pound has been allowed to reach since the central bank started foreign currency auctions in December 2012.
The central bank offered $40 million and sold $38.4 million at a cut-off price of 7.5301 pounds per dollar.
Traders in the parallel market told Mubasher that the dollar reached nearly EGP 7.9.
Photo Credit: Arabianeye-Reuters