CAIRO: Egypt’s currency inched close to a support level of 5.70 as foreigners buy dollars, dealers said.
"We saw volume coming from foreign names selling Egyptian pounds, especially in the last 15 minutes of trade," said one dealer at an Egyptian bank.
The pound weakened to as low as 5.6965 to the dollar. Dealers believe the central bank may not want the pound to weaken below 5.70. If the pound breaks through 5.7025, it will be at its lowest since Jan. 11, 2007.
