The median overnight rate on the Egyptian pound fell to 7 percent on Sunday from 8 percent on Thursday towards the end of a central bank period for measuring banks' reserves, traders said. They said banks had squared their positions during the final two days of the previous week in anticipation of the end of the two-week period on Monday.
Five of the 10 banks contacted by Reuters had dealt overnight money at rates between 6 and 10-1/2 percent. Overnight rates ranged between 6-3/4 and 9 percent on Thursday.
Only one of the banks dealt one-week money, at 11-1/4 percent. One bank dealt one week in the previous session at 9 percent.
The overnight CAIBOR rate slipped to 10.0714 percent from 10.2500 percent in the previous session. The one-week CAIBOR rate fell to 10.5714 from 10.7381 percent on Thursday.
On the foreign exchange market, by 1.45 pm (1145 GMT) the pound had strengthened to 5.8318 to the dollar from Thursday's closing weighted average of 5.8368.