The EGP dropped to USD-EGP16.41 for buying and USD-EGP17.25 for selling at interbank dealings on Monday, compared to USD-EGP16.80-17.20 quoted in early trading. Traders say that volumes started to pick up and that rates were volatile and spreads wide. "The problem is that anyone who speculated last week bought dollars at high rates, and so far, current rates do not cover the cost of purchase for most of them," said one banker. "The rate will need to hit USD-EGP18.0 or so before they off-load, if they do." Meanwhile, the pound has been sold at USD-EGP16.90-17.75 and bought at USD-EGP16.0-16.70 at the official banking system. (Reuters, Al Borsa)
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