The median overnight interbank rate on the Egyptian pound dipped to 8 percent on Sunday from 10 percent on Thursday, with increased offers from state-owned banks bringing rates lower, bankers said. "They are offering ... all of them," one of the bankers said of the four state-owned banks.
The bankers said it was not clear why the state-owned banks were offering pounds.
The bankers said they were awaiting the result of a reverse repo auction for 1 billion pounds ($160 million) for guidance on where rates would head next.
Four of five banks contacted by Reuters had dealt overnight at rates ranging from between 7-1/4 and 9-1/4 percent. Overnight rates were between 8 and 11-1/4 percent on Thursday.
Only one of the banks had dealt for one week at rates of 10 and 10-1/2 percent. One-week rates were between 11 and 12 percent on Thursday.
The overnight CAIBOR rate rose slightly to 12.0738 percent from 12.0716 percent on Thursday. The one-week CAIBOR was unchanged from Thursday at 12.4643 percent.
On the official foreign exchange market, the pound last traded at a mid-rate of 6.24 against the dollar in banks and foreign exchange bureaux, unchanged from Thursday's closing weighted average.
Two market sources said the pound was trading at about 6.27 against the dollar on the black market, around recent levels.
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