Egyptian pound bid at lowest in over 7 years

Reuters, Wednesday 20 Jun 2012

Political upheaval sees currency fall to new low against the US dollar

Egyptian currency
Currency continues to tumble against US dollar (Photo: AP)

Egypt's pound was bid at 6.0507 to the US dollar on Wednesday, its weakest in more than seven years, after a week of political upheaval.

The last eight days have seen a legal ruling dissolving the country's new parliament, both candidates in a divisive presidential election claim victory, and the floundering of the proces to draft a new constitution. 
Later on Wednesday, Egypt's currency strengthened to 6.0495 to the dollar. This was, however, still weaker than its Tuesday close of 6.0470.
Short link: