The currency traded at EGP 53.22 for buying and EGP 53.36 for selling on Sunday, rising by almost EGP 0.4 or 0.74 percent from EGP 52.83 and EGP 52.97, respectively, on last week’s closing rates on Thursday.

The pound also traded almost EGP 0.72, or 1.36 percent, weaker than last Sunday’s rates of EGP 52.50 for buying and EGP 52.64 for selling.

It is, however, EGP 0.23 or 0.43 percent stronger than the recorded rates of EGP 53.45 and EGP 53.59 at the start of May.

This is the third time this month that the currency surpassed the EGP 53 threshold, after fluctuating throughout the last week. Since its outbreak on 28 February, the US-Israel war on Iran has continued to weigh on markets through inflationary pressures, capital outflows, and expectations of tighter monetary conditions.

 Egyptian banks, however, are still able to withstand the economic fallout amid escalating geopolitical tensions in the region.

Moreover, across local lenders, the currency traded at its highest rates on Sunday between EGP 53.24 and EGP 53.28 for buying and between EGP 53.34 and EGP 53.38 for selling, across seven banks, including Commercial International Bank (CIB), Suez Canal Bank, and Banque Misr.

The lowest rates recorded ranged between EGP 53.10 and EGP 53.20 for buying and between EGP 53.20 and EGP 53.30 for selling at four banks, including Al Baraka Bank Egypt, Crédit Agricole, National Bank of Kuwait (NBK), and Egyptian Arab Land Bank.

The Egyptian pound weakened by nearly EGP 5.4 by Sunday’s COB, losing around 11.2 percent of its value compared with its pre-war level of EGP 47.9 against the US dollar.

This creates a bigger drop in the EGP’s value, from the 10.4 percent recorded on Thursday’s COB and the 9.7 percent recorded earlier the same week on Sunday.

Other currencies
 

The euro has shown limited change, trading at EGP 61.87 for buying and EGP 62.04 for selling on Sunday, up from EGP 61.85 and EGP 62.02, respectively. The currency nevertheless remains around EGP 5.4 above its pre-conflict level.

The British pound traded at EGP 70.89 for buying and EGP 71.13 for selling on Sunday, down from EGP 71.38 for buying and EGP 71.57 for selling, respectively, on Thursday. It remains almost EGP 6.2 above its pre-conflict level.

Gulf currencies also strengthened against the Egyptian pound, with the Kuwaiti dinar trading at EGP 172.96 on Sunday, up from EGP 172.95 on Thursday, the Bahraini dinar at EGP 141.54, up from EGP 140.49.

While the Omani riyal traded at EGP 138.96, up from EGP 137.95, and the Jordanian dinar at EGP 75.37, up from EGP 74.82.

According to Central Bank of Egypt data, Gulf currencies have depreciated between EGP 1.42 and EGP 16.83 against the Egyptian pound since the outbreak of the conflict.

Gold
 

Meanwhile, gold prices are continuing their downward streak. The gold sovereign (geneih dahab) stood at EGP 55,200 on Sunday, down EGP 520 from EGP 55,720 on Thursday’s COB.

It is also EGP 800 lower than last Sunday’s rate of EGP 56,000, according to the gold trading platform iSagha.

Meanwhile, 24-karat gold traded at EGP 7,885.75, down EGP 74.3 from EGP 7,960 on Thursday and down EGP 114.3 from Sunday’s EGP 8,000.