Egypt c.bank says pound fell at dollar auction
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.
CAIRO, Jan 9- 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.