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Egyptian pound falls to lowest since June 2006

The Egyptian pound weakened to 5.7580 against the US dollar on Wednesday, its lowest since June 2006, with dealers in Cairo saying they had heard that some foreign investors may be selling pounds.

"I also heard the central bank was deliberately weakening the currency to benefit exporters but Egypt is a net importer so by helping one side you are hindering the other–plus we have high inflation at the moment," said one currency trader.

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