Reuters: US Dollar Report: Egypt pound slides again at 2nd c.bank currency sale

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Egypt pound slides again at 2nd c.bank currency sale Dec 31st 2012, 10:30 CAIRO | Mon Dec 31, 2012 5:30am EST CAIRO Dec 31 (Reuters) - Egypt's pound fell further at the central bank's second auction of foreign currency under its new regime on Monday, with $74.8 million sold to banks at a cut-off price of 6.3050 Egyptian pounds. This was weaker than the Sunday cut-off price of 6.2425. The pound fell on the interbank market to a record low of about 6.30 to the dollar after Sunday's auction. The bank had offered $75 million at Monday's auction. The auctions are part of a new currency regime designed to slow the depletion of the country's foreign reserves, which the bank said had fallen to a critical level.

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