File Photo: Egyptian pound, British pound sterling, and US dollar banknotes. AFP
The US dollar traded at EGP 52.56 for buying and EGP 52.69 for selling, up by nearly EGP 0.62, or 1.18 percent, from earlier this week’s EGP 51.67 and EGP 51.81, respectively. The uptick interrupts a recent recovery streak following weeks of volatility triggered by the regional war, which unsettled investors, disrupted capital flows, and drove more than $10 billion in short-term foreign investments out of Egypt’s secondary market.
Across banks, the dollar ranged between EGP 52.57 and EGP 52.61 for buying, and between EGP 52.67 and EGP 52.71 for selling across nine lenders. The highest rates were recorded at institutions such as Suez Canal Bank, National Bank of Kuwait, and Bank of Alexandria.
Meanwhile, the lowest rates ranged between EGP 51.96 and EGP 52.55 for buying, and between EGP 52.06 and EGP 52.65 for selling, at banks including Crédit Agricole Egypt, Al Baraka Bank Egypt, Al Ahli Bank of Kuwait, and Arab International Bank.
Earlier this month, the pound had weakened to around EGP 54.5 per dollar, marking a decline of roughly 13.5 percent from its pre-conflict level of EGP 47.9. By the close of business this week, losses had narrowed to about 9.8 percent, supported by the ceasefire announcement, although concerns over renewed escalation and potential capital outflows persist.
Other currencies
The euro rose to EGP 61.44 for buying and EGP 61.61 for selling, up from EGP 60.77 and EGP 60.95 on Sunday. It remains roughly EGP 4.9 higher than pre-conflict levels.
The British pound traded at EGP 70.97 for buying and EGP 71.18 for selling, compared with EGP 69.83 and EGP 70.04 earlier this week, standing about EGP 6.2 above its pre-conflict level.
Gulf currencies followed a similar trend, with the Kuwaiti dinar at EGP 171.91, the Bahraini dinar at EGP 137.60, the Omani riyal at EGP 136.88, and the Jordanian dinar at EGP 74.43.
According to central bank data, major currencies have appreciated between EGP 1.25 and EGP 14.78 against the pound since the onset of the conflict.
Gold
Gold prices edged slightly lower in the local market. The gold sovereign (geneih dahab) stood at EGP 56,000, up by EGP 240 compared with Wednesday and still above pre-war levels.
Meanwhile, 24-karat gold rose to EGP 8,000, gaining EGP 35 on the day and remaining higher than its pre-conflict price.
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