Egypt pound trades at weakest in years
The Egyptian pound
weakened to a fresh six-year low to the dollar on Wednesday, as the
country’s poor economic outlook and political uncertainty prompted
investors to sell the currency.
It later regained some ground after investors bought pounds to invest in a stock market rally, bankers said.
The pound traded at
5.9640 to the dollar after hitting 5.9765 earlier in the day, a the
lowest since January 2005. It was down 0.29 per cent from Tuesday’s
close.
“The pound has weakened mainly because foreigners are exiting a
market hit by political instability,” said a Cairo-based trader. “Egypt
is getting downgraded, and for foreign investors, this is negative.”
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