Egyptian Pound Dips Past Milestone as Mideast Conflict Rages

Egypt’s pound briefly weakened past the milestone of 50 per dollar before paring some losses, signaling investors’ fears over the prospect of a prolonged conflict in the Middle East.

The currency fell by as much as 1.9% on Tuesday then regained some ground to trade at 49.88 by 2:22 p.m in Cairo. The pound is changing hands at its lowest level since June, according to data compiled by Bloomberg.