The Egyptian pound weakened to reach more than 49 against the dollar, for only the second time since Egypt sharply devalued the currency last March, according to Al-Sharq.
The Egyptian pound is now trading locally at approximately 49.14 against the US dollar, exacerbating the minor losses it incurred last October before deepening its decline on Thursday.
The pound fell to its lowest level since mid-August, and the decline came after increased demand for dollars, as local banks handled more foreign exchange requests, according to people working in the banking sector who requested anonymity because they were not authorized to speak publicly.
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