The Egyptian pound traded as low as 5.7055 to the dollar on Tuesday, its weakest since January 2007.

'Foreigners are going out of the stock exchange,' says a forex dealer at an Egyptian bank, putting selling pressure on pounds as they exit Egyptian equities.

He added that the pound remains above its support level of 5.71 to 5.7125 to the dollar.

Other dealers say the central bank has been keen to keep the depreciation of the pound slow over recent weeks. The forex market has nonetheless been quiet during the holy month of Ramadan, which has perhaps reduced selling pressure and speculative activity. - Reuters