Reuters: US Dollar Report: Egypt pound breaks below official 7 per dollar

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Egypt pound breaks below official 7 per dollar Jun 19th 2013, 11:26 CAIRO, June 19 | Wed Jun 19, 2013 7:26am EDT CAIRO, June 19 (Reuters) - The Egyptian pound fell below 7 to the dollar on the official market on Wednesday for the first time, after a regular foreign exchange auction. It was at 7.0001/7.0002 pounds per dollar after the central bank had auctioned $38.9 million at a cut-off price of 6.9902 pounds. On the black market, which has developed this year in response to exchange control measures, the pound was unchanged on Wednesday at 7.55/7.60 per dollar. The currency has been under pressure as Egypt's economy struggles with disruption following the revolution of 2011 and has lost more than 11 percent of its value since late December.

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