Cairo - The Egyptian pound strengthened at a central bank sale of foreign exchange on Wednesday, extending a trend of gradual appreciation since the military removed President Mohamed Mursi on July 3.
The central bank sold $38.5 million of the $40 million it had offered, and the cut-off price inched up to 6.9918 Egyptian pounds from 6.9923 pounds per dollar on Monday.
The cut-off price on July 3 was 7.0184.
The central bank introduced the currency sales, held three times a week, at the end of December to help stave off a currency crisis and thwart a run on the pound.
Since then, the bank has allowed the currency to lose more than 11 percent of its value on the official market. - Reuters