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Egypt pound strengthens on black market -trader
July 4, 2013 / 12:31 PM / 4 years ago

Egypt pound strengthens on black market -trader

CAIRO, July 4 (Reuters) - Egypt’s pound strengthened suddenly on the black market on Thursday to 7.30/35 to the U.S. dollar from 7.60/65 earlier in the day, a trader said.

Other markets have improved a day after the military pushed the country’s Muslim Brotherhood president out of power, including the stock market, whose main index shot up by 7.3 percent.

The pound had earlier strengthened marginally on the official market after a central bank auction, its first such increase since a currency crisis in December.

Traders said prices of Egypt’s international bonds were quoted sharply higher, by several cents on the dollar.

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