Egyptian pound hits new 14-month low

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CAIRO: The Egyptian pound weakened further against the dollar after having dipped on Wednesday to its lowest point since March 16, 2009.

"The euro at this level remains expensive and we can see it sliding more over the next week," as it tracks the euro, said an Egyptian forex trader.

In a note, Beltone said the pound had weakened 2.56 percent this year, driven largely by dollar strength. "We expect that the weakness in Egyptian pounds will slow in the coming summer months as the supply of foreign exchange in the local market increases," Beltone wrote.

The pound weakened to 5.6460 to the dollar from 5.6245 on Wednesday.


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By Reuters
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