File Photo: An employee counts U.S. dollars in a foreign exchange office in central Cairo, Egypt. AFP
The US dollar traded at EGP 54.51 for buying and EGP 54.65 for selling, up by almost EGP 1, or about 1.84 percent, from EGP 53.52 and EGP 53.66, respectively, on Sunday.
The latest move leaves the pound sharply weaker than before the outbreak of the US-Israeli war on Iran on 28 February. The currency has depreciated by about EGP 6.65, or roughly 13.9 percent, from around EGP 47.9 at the end of February.
After a brief recovery earlier this month, renewed volatility and pressure on capital flows have pushed the currency lower again amid continued regional instability.
Data indicate that more than $5 billion in short-term debt instruments have exited Egypt’s secondary market since the start of the conflict, adding to pressure on the pound. Analysts warn that sustained outflows could push the dollar towards EGP 58 if tensions persist.
Across the banking system, exchange rates showed limited variation. The highest quoted levels on Monday reached about EGP 54.55 for buying and EGP 54.65 for selling at lenders, including Commercial International Bank (CIB), Suez Canal Bank, and Al Ahli Bank of Kuwait.
The lowest recorded rates were around EGP 54.50 for buying and EGP 54.60 for selling across several banks, indicating a narrow trading range.
These levels are higher than Sunday’s range of EGP 53.44 to EGP 53.56 for buying and EGP 53.54 to EGP 53.66 for selling.
Other currencies
The euro rose to EGP 62.59 for buying and EGP 62.77 for selling on Monday, up from EGP 61.59 and EGP 61.77 a day earlier. It has gained about EGP 6.13 against the pound since before the conflict.
Sterling traded at EGP 72.11 for buying and EGP 72.32 for selling, up from EGP 70.95 and EGP 71.17 on Sunday, marking an increase of roughly EGP 7.35 from pre-conflict levels.
Gulf currencies also strengthened against the pound. The Saudi riyal traded between EGP 14.52 and EGP 14.56, while the UAE dirham stood between EGP 14.83 and EGP 14.88, and the Qatari riyal between EGP 14.94 and EGP 15.
The Kuwaiti dinar rose to between EGP 177.55 and EGP 178.07, up by about EGP 3.21 from Sunday’s levels.
The Bahraini dinar traded at EGP 144.28 to EGP 144.84, while the Omani riyal reached between EGP 141.59 and EGP 141.97. The Jordanian dinar stood between EGP 76.77 and EGP 77.18.
CBE data shows these currencies have appreciated by between about EGP 1.76 and EGP 20.93 against the pound since the start of the conflict.
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