Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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Egypt pound hits record low under new currency regime

People walk in front of Central Bank of Egypt Headquarters in Cairo December 30, 2012. Egypt's central bank introduced a new currency regime on Sunday to conserve its foreign reserves, which it said had reached a critical level, a move bankers and analysts say may represent a controlled shift towards a free float. REUTERS/Amr Abdallah Dalsh

People walk in front of Central Bank of Egypt Headquarters in Cairo December 30, 2012. Egypt's central bank introduced a new currency regime on Sunday to conserve its foreign reserves, which it said had reached a critical level, a move bankers and analysts say may represent a controlled shift towards a free float.

Credit: Reuters/Amr Abdallah Dalsh

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CAIRO | Sun Dec 30, 2012 4:43pm IST

CAIRO (Reuters) - The Egyptian pound hit a record low on Sunday of about 6.30 to the dollar after the central bank introduced a new currency regime, bankers said.

The previous low for the pound, in October 2004, was about 6.26 to the dollar. The pound opened earlier on Sunday in the interbank bank market with bids of around 6.185 to the dollar.

The central bank said on Saturday it was introducing the new regime to conserve foreign reserves, which it said had fallen to a critically low level.

(Reporting by Patrick Werr)
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