Egypt’s pound weakens to five-year low vs dlr
Traders cited a range of factors for recent weakness , including a possible desire of c.bank to let the pound weaken to help exporters.
October 26, 2010 12:57 by Reuters
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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