Egypt pound leaps against dollar after Fed move

The Egyptian pound leaps as high as 5.71 against the dollar on Thursday from 5.7765 on Wednesday after the US Federal Reserve Board announced plans to buy us$600 billion in government debt to spur the US economy.

"People are cutting their long US dollar positions and the very thin market exaggerates it," said a currency dealer based in London, adding there had also been inflows of dollars into pounds.

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