CAIRO: The median overnight interbank rate on the Egyptian pound rose to 12 percent on Sunday, from 11.959 percent on Thursday with traders saying some banks had a shortage of Egyptian pounds.
With the stock market down, the market is short of Egyptian pounds, one trader said, saying foreigners were taking their investments out of the country, squeezing the interbank market.
Egypt s benchmark CASE 30 index had fallen 6.82 percent by 1155 GMT.
Six out of eight banks contacted by Reuters reported overnight deals between 11.80 percent and 12.35 percent.
One bank reported a three-day deal at 12 percent.
The Egyptian pound gained against the dollar to LE 5.5922 to the dollar by 1100 GMT, compared with Thursday s closing weighted average of LE 5.5936.
