April 9, 2014 / 10:22 AM / 4 years ago

Egyptian pound weakens at c.bank dollar sale, on black market

CAIRO, April 9 (Reuters) - The Egyptian pound weakened at a central bank dollar auction and on the black market on Wednesday after hitting a six-month low last week.

The central bank sold dollars at a cut-off price of 6.9652 pounds, leaving the pound weaker than at its last auction on Monday when the rate was 6.9649 pounds.

The dollar on the black market was sold for 7.49 pounds on Wednesday compared with 7.45 pounds on Monday, according to market participants. One Cairo-based forex trader said the dollar was sold at 7.52 pounds on Tuesday evening. Another trader said the rate was 7.48 pounds on Tuesday.

It had 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)

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