The Egyptian pound traded as low as 5.7037 to the dollar on Monday, its weakest level since Jan. 9, 2007.
"It’s not supposed to be moving like this given the fundamentals," said a Cairo-based currency trader.
"What I’m expecting is that it will stop shy of 5.80" to the dollar. He added that Egypt’s central bank was allowing the currency to weaken.
In the last few years, the pound has had little major technical support between 5.70 and 5.80 to the dollar. The currency broke through its previous low of 5.7025 to the dollar reached on March 15, 2009.
