The Egyptian pound fell on Monday to its weakest level against the US dollar since February 2005, with traders saying foreigners are closing some positions in Egyptian securities as the year draws to a close.
"There is high demand on the dollar, with foreigners getting out of the Egyptian bourse and closing positions, which is a trend towards Christmas and the end of the year," said foreign exchange trader Mohamed Hamza in Cairo.
The pound touched 5.8021 against the dollar.
The currency has seen a bout of weakness since mid-October, with traders citing the debt crisis in the European Union, Egypt’s main trading partner, and political uncertainty surrounding recent parliamentary elections.
