Currencies
Egypt’s Pound Hits New Low as Iran War Shockwaves Spread
Egyptian pound currency banknotes being counted at a foreign currency exchange bureau in Cairo, Egypt.
Photographer: Islam Safwat/BloombergEgypt’s pound fell to a record low of 52.8 per dollar, as the Middle East’s most populous country is roiled by the knock-on effects of the Iran war.
The currency dropped by as much as 5.3% during intraday trading on the offshore market on Monday, its biggest single-day decline since a devaluation two years ago, according to data compiled by Bloomberg.