CAIRO: The Egyptian pound strengthens against the dollar as investors buy Egyptian T-bills and as the euro strengthens, traders say.
"T-bills are attractive. The differential continues to be attractive, and the euro level is making the Egyptian pound cheap," says one trader.
Yields edged down at an auction on Sunday for LE 2.5 billion pounds of 91-day Egyptian T-bills and LE 2.5 billion of 182-day T-bills, while on Friday the euro rose to its highest level against the dollar since April.
The trader said there had been strong foreign risk appetite since Friday. "If it continues over the coming two to three days, I think we’ll continue to see some flows coming into the country," he says. On Sunday, the pound traded at 5.6970-90 to the dollar, up from 5.70 on Thursday.
