Egypt pound continues fall at Thursday dollar auction

CAIRO Thu Jan 10, 2013 5:23am EST

CAIRO Jan 10 (Reuters) - The Egyptian pound weakened at a central bank auction of dollars on Thursday, the eighth such sale since it introduced a new regime to reduce pressure on its currency.

The bank said the cut-off price at the auction was 6.5099 pounds to the dollar - a 0.47 percent fall from Wednesday when the cut-off price was 6.4797 pounds. The central bank said it had sold $49.1 million at the auction, less than the $50 million it had offered.

On the interbank market, the central bank limits trades to a 0.5 percent band above or below the weighted average of bids at the most recent currency auction. The weighted average weakened to 6.5099 pounds to the dollar from 6.4798 on Wednesday.

FILED UNDER: