Reuters: US Dollar Report: Egypt sells $38.5 mln at forex auction on Thursday

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Egypt sells $38.5 mln at forex auction on Thursday May 16th 2013, 10:13 CAIRO | Thu May 16, 2013 6:13am EDT CAIRO May 16 (Reuters) - Egypt's central bank sold $38.5 million to banks in a foreign exchange auction on Thursday at a cut-off price of 6.9660 Egyptian pounds to the dollar. The cut-off price at the previous auction on Wednesday was 6.9591 pounds. On the black market, one dealer offered to buy dollars for 7.30 pounds and to sell dollars at 7.37 pounds - similar to Wednesday's levels. Earlier this week, one dealer quoted 7.45/55. The central bank introduced the auctions at the end of December to help stave off a currency crisis and thwart a run on the pound. Since then, the currency has lost 11 percent of its value on the official market and even more on a newly re-emerged black market.

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