The median overnight interbank rate on Egypt's pound fell to 6-1/4 percent on Sunday from seven percent on Thursday as banks demanded less funds towards the end of a two-week period for working out reserves, bankers said.
They said banks acquired the funds they needed to meet the central bank's requirements during the final days of the previous week. The two-week period ends on Monday and a new one begins the following day.
Six out of 10 banks contacted by Reuters dealt overnight money at rates ranging from five to 7-1/4 percent compared to a range of between 4-3/4 and 7-1/4 percent on Thursday.
One bank dealt one-week money at 7-1/2 percent, compared to three banks out of 10 in the previous session with a range of 7-1/4 to 7-3/4 percent in the previous session.
Overnight CAIBOR fell to 7.3779 from Thursday's 7.4613 percent. One-week CAIBOR also fell to 7.9048 from 7.9881 percent in the previous session.
On the foreign exchange market, the pound midrate was last quoted at 6.18 to the dollar at banks and 6.19 at exchange houses, little changed from Thursday's weighted average of 6.18 pounds.
On the black market, the pound strengthened slightly against the dollar with market sources quoting rates ranging from 6.55 to 6.60 to the dollar. Sources cited rates of 6.60 to 6.70 on Thursday.
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