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UPDATE 1-Egypt pound up on official market, weaker on black market
April 7, 2014 / 11:22 AM / 4 years ago

UPDATE 1-Egypt pound up on official market, weaker on black market

(Adds Monday’s black market price)

CAIRO, April 7 (Reuters) - The Egyptian pound strengthened at a central bank dollar auction on Monday after sinking to a six-month low last week, but it weakened on the black market.

The central bank sold dollars at a cut-off price of 6.9649, slightly stronger than the 6.9651 pounds at its last auction on Thursday. But the dollar sold on the black market for 7.45 on Monday, weaker than Thursday’s rate of 7.43 pounds. It traded around 7.30-7.40 for the last two months.

The central bank sold $38.3 million at its dollar sale on Monday. It had offered $40 million.

Egypt’s foreign currency reserves stood at $17.414 billion in March. That compares with $17.307 billion in February and $36 billion before the uprising that led to the ouster of President Hosni Mubarak in 2011. (Reporting by Shadia Nasralla; Editing by Larry King)

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