The EGP weakened against the dollar in parallel market trading on Wednesday, a day after the Central Bank had raised a cap on foreign currency deposits, prompting currency-starved importers to source dollars from the parallel market. Four black market traders put the range of buying dollars on Wednesday between EGP8.72-8.75. This represents c1.5% drop from EGP8.62 on Tuesday. "Speculators used the confusion caused by the central bank decision to push the pound lower ... A huge wave of demand on dollars hit the market after raising the cap," one trader told Reuters. "The market is also expecting the central bank to amend the official exchange rate of the pound," he said. (Reuters)