The US dollar hit a record high of 7.83 to the Egyptian pound after an FX auction of the Central Bank of Egypt, a banking official said.

The bank sold all of the 39.5 million dollars it had offered, with the highest price of pounds at 7.7301 to the dollar compared to 7.6301 pounds on Thursday.

The US dollar increased by 20 piasters in a week as it hit past Sunday 7.5301 pounds, he said.

In the black market, the dollar was sold at 7.90 against the pound.