April 7, 2014 / 10:37 AM / 4 years ago

Egyptian pound strengthens at central bank forex sale

CAIRO, April 7 (Reuters) - The Egyptian pound strengthened at a central bank dollar auction on Monday after hitting a six-month low last week.

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.

The dollar was sold for 7.43 pounds in the black market on Thursday. It has been trading in a loose range 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. This compares with $17.307 billion in February and $36 billion before the uprising that led to the ouster President Hosni Mubarak in 2011. (Reporting by Shadia Nasralla; Editing by Catherine Evans)

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