The median overnight interbank rate on the Egyptian pound slipped to five percent on Sunday from six percent on Thursday as banks waited for the result of a 91-day central bank treasury bill auction, brokers said.
The brokers said the market was very liquid with few banks in need of funds in the middle of a central bank two-week period to calculate banks' reserves and did not expect the 500 million Egyptian pound ($81 million) auction to greatly affect rates.
The overnight CAIBOR rate fell to 9.0586 percent from 9.1665 percent on Thursday. The one-week CAIBOR rate slipped to 9.8214 percent from 9.8929 in the previous session.
On the official foreign exchange market, the pound last traded against the dollar at a midrate of 6.20 in banks and 6.21 in exchange houses, around Thursday's level.
Three market sources said the dollar would fetch between 6.24 and 6.28 pounds on the black market, close to levels heard on Thursday.