Egypt Pound Weakens to Record After Central Bank Sells Dollars
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The Egyptian pound fell to a record after the central bank held a second dollar auction, even as President Mohamed Mursi voiced confidence the currency would soon stabilize.
The pound weakened almost 1 percent to 6.3649 a dollar at 3:45 p.m. in Cairo after the central bank sold $74.8 million at a cut-off price of 6.3050 a dollar, according to data compiled by Bloomberg.