CAIRO, July 4 The Egyptian pound edged
stronger at a central bank foreign exchange auction on Thursday,
a day after the military ousted the country's president, a
The central bank sold $38.8 million to banks at the auction,
with the cut-off price at 7.0184 pounds to the dollar compared
to 7.0189 pounds at Wednesday's auction, the banker said.
On the black market, the pound weakened, with one dealer
offering to sell dollars for 7.65 pounds and buy dollars for
7.60 pounds, compared to 7.55 and 7.50 on Wednesday.
It was the first time the currency has strengthened on
the official market since the central bank introduced the
auctions at the end of December to help stave off a currency
crisis and thwart a run on the pound.
Since then, the bank has allowed the currency to lose almost
12 percent of its value on the official market.