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Egypt pound hits record low after c.bank auction

Jan. 8, 2013 12:42 P.M. (Updated: Jan. 8, 2013 12:42 P.M.)
CAIRO (Reuters) -- The Egyptian pound hit a record low on Tuesday after weakening again at a central bank US dollar auction designed to stem a decline in the country's dwindling foreign currency reserves.

The central bank said the cut-off price at the Tuesday auction was 6.4492 pounds to the dollar - a 0.5 percent fall from Sunday when the cut-off price was 6.4185 pounds to the dollar. The central bank said it had sold $60 million at the auction - the same amount it had offered.

The weakening is in line with the central bank's interbank trading band, which it narrowed last week to plus or minus 0.5 percent from the previous 1.0 percent.

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