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June 30, 2011

Egyptian pound weakens on unrest



CAIRO (AP) — The Egyptian pound has weakened against the U.S. dollar following violent clashes between security forces and protesters over the past couple of days.

According to data on forex Web site, Xe.com, the pound traded as low as 5.9750 to the dollar on Thursday before rebounding to 5.9675. The earlier drop brought the currency to levels not seen for months since mass demonstrations led to the ouster of former President Hosni Mubarak in mid–February.

Egyptian police and protesters had clashed Tuesday and Wednesday, with the clashing spotlighting the continued tensions in the country despite efforts to enact political reforms and boost the economy.

The unrest helped push the Egyptian stock market's benchmark index down 2 percent on Wednesday.



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