CAIRO: The Egyptian pound weakened to its lowest point against the dollar since March 16, 2009, after the US currency strengthened against the euro on concerns about euro zone debt.
"Everyone expected the dollar to rise … but not to this extent," said a trader at an Egyptian bank.
The pound traded at 5.6432 to the dollar in early trade compared to its Tuesday close of 5.6245, while the euro tradedat 1.2180 to the dollar.
The euro zone buys about one-third of Egypt’s exports.
