BR100 Increased By (0.36%)
BR30 Decreased By (-0.13%)
KSE100 Increased By (0.22%)
KSE30 Increased By (0.37%)
AGHA 6.68 Increased By ▲ 0.01 (0.15%)
BECO 4.37 No Change ▼ 0.00 (0%)
BML 57.32 Increased By ▲ 0.88 (1.56%)
BOP 30.35 Increased By ▲ 0.01 (0.03%)
CNERGY 13.12 Increased By ▲ 0.03 (0.23%)
CSIL 5.41 Increased By ▲ 0.05 (0.93%)
FCCL 52.79 Increased By ▲ 0.41 (0.78%)
FFL 14.72 Decreased By ▼ -0.02 (-0.14%)
FNEL 1.12 No Change ▼ 0.00 (0%)
KEL 6.09 No Change ▼ 0.00 (0%)
KOSM 5.73 Increased By ▲ 0.77 (15.52%)
LOTCHEM 26.46 Decreased By ▼ -0.89 (-3.25%)
MLCF 93.16 Increased By ▲ 0.41 (0.44%)
NBP 164.66 Decreased By ▼ -0.32 (-0.19%)
NCPL 55.66 Increased By ▲ 0.02 (0.04%)
NPL 61.16 Decreased By ▼ -0.10 (-0.16%)
OGDC 316.73 Decreased By ▼ -1.03 (-0.32%)
PACE 9.87 Decreased By ▼ -0.06 (-0.6%)
PAEL 35.63 Increased By ▲ 0.13 (0.37%)
PIBTL 14.68 Increased By ▲ 0.11 (0.75%)
PPL 226.91 Decreased By ▼ -0.88 (-0.39%)
PRL 93.02 Increased By ▲ 0.45 (0.49%)
PTC 60.26 Decreased By ▼ -0.37 (-0.61%)
SSGC 23.81 Increased By ▲ 0.01 (0.04%)
TBL 8.75 Increased By ▲ 0.07 (0.81%)
TELE 7.80 Increased By ▲ 0.02 (0.26%)
TPL 22.35 Increased By ▲ 0.12 (0.54%)
TPLP 12.97 Increased By ▲ 0.30 (2.37%)
TREET 22.16 Decreased By ▼ -0.38 (-1.69%)
TRG 56.56 Decreased By ▼ -1.24 (-2.15%)
Markets

Egyptian pound at 7-year low ahead of vote result

Published Updated

t-billCAIRO: Egypt's currency, the pound , weakened to its lowest against the US dollar in more than seven years on Sunday as the country waited to see if a former military officer or a member of the Muslim Brotherhood would be its next president.

The pound was bid at as low as 6.055 to the dollar, its weakest since Dec. 30, 2004.

"It is definitely because of the uncertainty surrounding the election results," a currency dealer at a Cairo-based bank said. "There is heavy selling to local customers. I think there is a lot of panic among local customers."

The election committee is due to announce the result of last weekend's polarising run-off vote at a news conference at 3 p.m. (1300 GMT).

The Muslim Brotherhood's Mohamed Morsy says he won the race. If so, it would thrust into power a group which former president Hosni Mubarak spent three decades fighting and which is distrusted by many Egyptians.

A win by his rival, former air force commander Ahmed Shafik, could provoke an angry backlash on the streets, despite his assurances that he also wants an inclusive government.

The cost of insuring Egypt's debt against default jumped to its highest in 3-1/2 years last week after allegations of fraud delayed the result of the presidential election.

The dissolution earlier this month of the parliament elected after last year's overthrow of veteran president Mubarak has also alarmed investors, who fear Egypt will hurtle towards a balance of payments crisis and a currency collapse.

Copyright Reuters, 2012

Comments

Comments are closed for this article.