EGP at weakest rate in a month on high dollar demand
The Egyptian pound traded at its weakest rate in roughly one month on Tuesday as dollar demand for imports ahead of Ramadan continued to put pressure on bank liquidity. Banks were selling dollars for EGP17.80-18.05 pounds, the weakest rate since 12 February. Interbank rates on Tuesday also soared to an average price to the dollar of EGP17.92-17.95 for buying and EGP17.06 for selling, from EGP15.72-15.74 and EGP15.85 on 22 February, respectively.
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