"We will continue our peaceful resistance to the bloody military coup against constitutional legitimacy," the Brotherhood said in a statement. "We trust that the peaceful and popular will of the people shall triumph over force and oppression."
Morsi's overthrow last week after nationwide protests demanding his resignation has plunged Egypt into violent turmoil.
Media reports have said that some political figures have declined to take up positions in the new cabinet, even as Prime Minister Hazem al-Beblawy today said that there are no problems facing the process of appointing leaders to governmental positions.
Media reports quoted Beblawy as saying that he does not rule out posts for the Muslim Brotherhood in his cabinet if candidates are qualified.
But the Brotherhood rejected the offer, demanding Morsi's reinstatement and calling for fresh rallies against what it called "a bloody military coup".
"I have thought about my selections for approximately 70 to 90 per cent of the cabinet positions," he said.
The latest developments came as US officials said Washington will go ahead with plans to deliver four F-16 fighter jets to Egypt in the coming weeks.
The country remained deeply divided, as the military-backed government continued to crack down on the Muslim Brotherhood, ordering the arrest of its revered Supreme Guide Mohamed Badie and his deputy Mahmoud Ezzat yesterday.
Egyptian authorities ordered the arrest of top leaders of the Muslim Brotherhood for inciting violence that claimed 55 lives.
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