The currency traded at EGP 53.25 for buying and EGP 53.39 for selling, strengthening by about EGP 1.39, or 2.54 percent, from EGP 54.64 and EGP 54.78, respectively, on Tuesday.
The move follows weeks of volatility driven by the escalating US-Israel war on Iran, which had weighed on investor sentiment, disrupted capital flows, and increased demand for foreign currency.
Since late February, the pound has lost about EGP 5.4, or 11.26 percent, from around EGP 47.9 before the war began.
The ceasefire has helped calm markets, easing pressure on emerging market currencies, although underlying risks remain tied to regional developments and capital flows.
Despite these pressures, Egypt’s foreign reserves rose to $52.83 billion at the end of March, up from $52.47 billion in February, providing some support against external shocks.
Across banks, exchange rates moved lower following the ceasefire. The highest buying rates ranged between EGP 53.27 and EGP 53.37 at lenders including Commercial International Bank (CIB), Banque Misr, Al Ahli Bank of Kuwait, the Arab International Bank (AIB), and the National Bank of Egypt (NBE).
The lowest rates were quoted between EGP 53.17 and EGP 53.25 for buying and EGP 53.27 to EGP 53.35 for selling across several banks, including the Suez Canal Bank, QNB Bank, National Bank of Kuwait, HSBC Bank, Crédit Agricole Bank, Al Baraka Bank, and Bank of Alexandria
Other currencies and gold
The euro fell to EGP 62.31 for buying and EGP 62.48 for selling, while sterling traded at EGP 71.7 and EGP 71.91.
Gulf currencies recorded marginal changes, while the Kuwaiti dinar weakened to EGP 174.24 for selling. The Bahraini dinar traded at EGP 141.59, the Omani riyal at EGP 138.7, and the Jordanian dinar at EGP 75.4.
CBE data shows major currencies have appreciated by between about EGP 1.43 and EGP 17.1 against the pound since the start of the conflict.
Gold prices rose in the local market. The gold sovereign, or geneih dahab, climbed to EGP 57,760, up by EGP 640 from EGP 57,120 a day earlier and by about EGP 2,000, or 3.58 percent, from pre-war levels, according to gold trading platform iSagha.
Meanwhile, the 24 karat gold reached EGP 8,251 on Wednesday, rising by EGP 81 from Tuesday’s EGP 8,170. It also rose by EGP 289 or 3.59 percent, up from EGP 7,965 before the start of the war.
Stocks rebound
The currency’s weakness has once raised concerns over how to sustain stable US dollar inflows as Egypt reduces its reliance on highly volatile hot money, as over $10 billion in short-term foreign investments (hot money) exited the secondary market.
The EGX primary index, EGX30, which tracks the performance of the 30 most liquid and actively traded companies, rose by approximately 4 percent to 48,545.15 points.
Meanwhile, the EGX70 index, for small and medium-sized enterprises (SMEs), climbed by 1.34 percent to 12,971.3 points, while the broader EGX100 index also rose by 1.61 percent to reach 18,143.73 points.
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