Egypt’s Currency Drops To New Low Against The Dollar

The Egyptian pound has fallen to a new low against the U.S. dollar, the second such drop in days, the country’s central bank said Sunday, in a move that could help boost much-needed foreign investment.

The central bank set a cutoff rate of 7.73 Egyptian pounds per dollar in an auction that sold $39.6 million on Sunday, compared to a previous low of 7.63 on Thursday. Before that, the pound had held at 7.53 since February. Details