Egypt’s pound has weakened more than 6% against the US dollar on the black market over the past week as traders bet on another devaluation amid mounting pressure on the North African nation’s currency.

The pound traded at about 33.5 per dollar Monday on the parallel market, compared to 31.5 early last week, a number of traders said. They’re seeking to hoard foreign currency before a potential devaluation of the official exchange rate, said the people who asked not to be identified.

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