Egyptian currency surprisingly up by 0.20 pounds against dollar

Egypt’s central bank boosted the currency by 0.20 pounds to record 7.7301 to the dollar Wednesday, bankers said.

They said the central bank had moved to inject the banking system with dollars but had offered the foreign exchange at this new rate.

The move surprised bankers who had been expecting a depreciation of the Egyptian pound that is widely reckoned by economists to be overvalued, Reuters said.