The currency continued to gain ground, trading at EGP 51.75 for buying and EGP 51.89 for selling on Thursday, up by EGP 0.12, or 0.23 percent, from Wednesday’s rates of EGP 51.88 and EGP 52.01, respectively.
The pound also strengthened by nearly EGP 0.18, or 0.34 percent, from Monday’s closing rates of EGP 51.93 for buying and EGP 52.07 for selling.
Despite the recent recovery, the pound remains around EGP 3.9, or 8.13 percent, weaker than its pre-conflict rate of EGP 47.9 against the US dollar. Nevertheless, this marks a slight improvement from Monday, when the currency’s losses stood at 8.5 percent.
Across local banks, the highest exchange rates on Thursday ranged between EGP 51.76 and EGP 51.95 for buying and between EGP 51.86 and EGP 52.05 for selling at ten banks, including Arab International Bank, Al Ahli Bank of Kuwait, and Egyptian Arab Land Bank.
Meanwhile, the lowest rates stood at EGP 51.75 for buying and EGP 51.85 for selling at three banks, including Crédit Agricole Egypt, Al Baraka Bank Egypt, and National Bank of Kuwait (NBK).
Other currencies
The euro continued to decline against the Egyptian pound, trading at EGP 60.19 for buying and EGP 60.37 for selling on Thursday, down from EGP 60.25 and EGP 60.42, respectively, on Wednesday, and from EGP 60.49 and EGP 60.65 on Monday. The European currency nevertheless remains around EGP 3.73 above its pre-conflict level.
The British pound traded at EGP 69.59 for buying and EGP 69.80 for selling on Thursday, down from EGP 69.76 and EGP 69.97, respectively, on Wednesday and from EGP 69.92 and EGP 70.11 on Monday. It nevertheless remains nearly EGP 4.82 above its pre-conflict level.
Gulf currencies also continued to weaken against the Egyptian pound. The Kuwaiti dinar traded at EGP 169.1 on Thursday, down from EGP 169.57 on Wednesday and EGP 169.81 on Monday. Meanwhile, the Bahraini dinar fell to EGP 137.65 on Thursday, compared with EGP 137.97 on Wednesday and EGP 138.15 on Monday.
The Omani riyal traded at EGP 134.8 on Thursday, down from EGP 135.11 on Wednesday and EGP 135.26 on Monday, while the Jordanian dinar fell to EGP 73.3 from EGP 73.47 on Wednesday and EGP 73.55 on Monday.
According to CBE data, Gulf currencies have depreciated against the Egyptian pound by between EGP 1.02 and EGP 11.96 since the outbreak of the US-Israeli war on Iran.
Gold
Gold prices, however, fluctuated throughout the week.
The gold sovereign (geneih dahab) traded at EGP 53,320 on Thursday, up by around EGP 320 from EGP 53,000 on Wednesday. However, it remained below Monday’s level of EGP 53,720, according to gold trading platform iSagha.
Meanwhile, 24-karat gold traded at EGP 7,617.25 on Thursday, up by EGP 46.25 from EGP 7,571 on Wednesday. It nevertheless remained below Monday’s rate of EGP 7,674.25.
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