The median overnight rate on the Egyptian pound slipped to 10-3/4 percent on Sunday from 11-1/2 percent on Tuesday before a long holiday, but dealers said banks were in no rush to trade as business resumed. They said banks still had more than a week to square their positions before the end of the current two-week period for meeting central bank reserve requirements.
Most dealers said trading was relatively quiet as business resumed after the four-day break.
Only four out of nine banks contacted by Reuters had dealt in overnight money, citing a range of 10-1/2 to 11-1/2 percent. Banks quoted a range of 11 to 11-3/4 percent on Tuesday last week.
Five banks had dealt for one week at rates between 10-3/4 and 11-1/2 percent, compared to Tuesday's one-week rates of 11-1/4 to 12 percent.
The overnight CAIBOR rate rose to 10.5714 percent, compared to 10.5595 percent on Tuesday. The one-week CAIBOR climbed to 11.1190 percent from 11.1071 percent on Tuesday.
On the foreign exchange market, the Egyptian pound continued its month-long rally against the dollar. At 1 pm (1100 GMT), the weighted average rate was 5.8636 to the dollar, compared to the close of 5.8716 pounds on Tuesday.
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