Egyptian pound slips to weakest against U.S. dollar since Nov. 2016

Egyptian pound weakened on Wednesday to its lowest against the U.S. dollar since its devaluation in November 2016.

The pound traded as low as 19.49 to the U.S. dollar, down from 19.18 at Tuesday’s closing.

This is the biggest loss in value for the Egyptian currency versus the U.S. dollar since its devaluation in late 2016, when it lost nearly half of its value. The dollar surged to over 19 pounds in the following weeks, but since 3 July 2017 the dollar remained under 18 dollar.