| Kippreport.com

Egyptian pound bid at lowest in more than 7 years

June 20, 2012 5:44 by Reuters

Egypt’s pound was bid at 6.0507 to the U.S. dollar on Wednesday, its weakest in more than seven years, following a week of political turmoil.

Over the last few days, the country’s new parliament has been dissolved, both candidates have declared victory in last week’s presidential election run-off and the drawing up of the country’s new constitution has floundered as politicians bicker.

The Egyptian currency later strengthened to 6.0495 to the dollar, which was still weaker than its close of 6.0470 on Tuesday.

Tags: Economy, Egypt, Egyptian currency, Exchange rates