Reuters: US Dollar Report: Egypt c.bank says pound fell at dollar auction

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Egypt c.bank says pound fell at dollar auction Jan 9th 2013, 10:22 CAIRO | Wed Jan 9, 2013 5:22am EST CAIRO Jan 9 (Reuters) - The Egyptian pound fell at an central bank auction of U.S. dollars on Wednesday, the seventh such sale since it introduced a new regime to reduce pressure on its currency. The bank said the cut-off price at the Wednesday auction was 6.4797 pounds to the dollar - a 0.47 percent fall from Tuesday when the cut-off price was 6.4492 pounds. The central bank said it had sold $49.6 million at the auction, less than the $50 million it had offered. The central bank requires that bids lie within a 0.5 percent band of the weighted average of all bids accepted at the previous auction. The weighted average on Wednesday was 6.4798 pounds to the dollar.

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