The Egyptian pound is unchanged against the dollar after falling off Thursday’s six-week high.
Until late last week the pound had been tracking the euro higher against the dollar, which on Tuesday traded at an 8-1/2 month high. Dealers said demand for Egyptian T-bills on Wednesday and Thursday had also pushed the pound higher.
"There was huge demand and massive buying in the secondary market for T-bills" by foreign institutions, said one trader at a Cairo-based bank.
This demand led to a drop in yields, especially on 91-day bills, at a central bank auction on Sunday. “I don’t think demand was fulfilled," the trader added. The pound traded at 5.6955 to the dollar, unchanged from Monday.
