EGP continues decline on black market on Wednesday
The Egyptian pound dropped again against the dollar on the black market on Wednesday, extending its recent decline. Black market traders who quoted EGP10.10 per dollar on Tuesday raised their rates to a range of EGP10.15-10.20 per dollar on Wednesday, 11 traders told Reuters on Wednesday. It stood at EGP9.9 per dollar on 29 March. One black market trader told Reuters on Tuesday that there were expectations of another devaluation, and that this contributed to increased demand for dollars. (Reuters)
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