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Egypt’s pound weakens to five-year low vs dlr

Traders cited a range of factors for recent weakness , including a possible desire of to let the pound weaken to help exporters.


October 26, 2010 12:57 by

The Egyptian pound weakened on Tuesday to its lowest point against the dollar since July 2005, trading as low as 5.7740 to the U.S. dollar.

Traders have cited a range of factors for recent weakness, including some concerns about the country’s future leadership as elections loom and a possible desire of the central bank to let the pound weaken modestly to help exporters.

(Reporting by Patrick Werr)


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