CAIRO - The Egyptian pound hit a record low on Tuesday after weakening again at a central bank US dollar auction designed to stem a decline in the country's dwindling foreign currency reserves.
The central bank said the cut-off price at the Tuesday auction was 6.4492 pounds to the dollar - a 0.5 percent fall from Sunday when the cut-off price was 6.4185 pounds to the dollar. The central bank said it had sold $60 million at the auction - the same amount it had offered.
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