File Photo: Egyptian pound, British pound sterling, and US dollar banknotes. AFP
The currency traded at EGP 52.86 for buying and EGP 53.00 for selling on Thursday, strengthening by nearly EGP 0.4, or 0.7 percent, from Sunday’s closing rates of EGP 53.22 and EGP 53.36, respectively.
The pound also gained EGP 0.51, or nearly 1 percent, from Wednesday’s rates of EGP 53.36 for buying and EGP 53.50 for selling.
The currency has stabilized after surpassing the EGP 53 threshold for the third time this month amid the ongoing US-Israel war on Iran.
However, Thursday’s rates remained slightly weaker than last week’s closing rates of EGP 52.83 for buying and EGP 52.97 for selling, when the pound fluctuated throughout the week.
The pound nevertheless remained stronger than its levels at the start of May, gaining nearly EGP 0.6, or 1.1 percent, from rates of EGP 53.45 for buying and EGP 53.59 for selling.
Despite the recent recovery, the Egyptian pound remains nearly EGP 5 weaker than its pre-conflict level of EGP 47.9 against the US dollar, representing a decline of around 10.4 percent.
This nevertheless marks an improvement from earlier this week, when the pound’s losses had widened to 11.2 percent.
Across local banks, the highest exchange rates on Thursday ranged between EGP 52.87 and EGP 53.40 for buying and between EGP 52.97 and EGP 53.50 for selling at eight banks, including Banque Misr, QNB Bank, and Al Ahli Bank of Kuwait.
Meanwhile, the lowest rates ranged between EGP 52.80 and EGP 52.85 for buying and EGP 53.90 and EGP 53.95 for selling at five banks, including Commercial International Bank (CIB), Crédit Agricole, Al Baraka Bank Egypt, and National Bank of Kuwait (NBK).
Other currencies
The euro showed limited change, trading at EGP 61.35 for buying and EGP 61.52 for selling on Thursday, compared with EGP 61.90 for buying and EGP 62.07 for selling on Wednesday. The European currency nevertheless remains around EGP 5 above its pre-conflict level.
The British pound traded at EGP 70.96 for buying and EGP 71.15 for selling on Thursday, down from EGP 71.48 and EGP 71.69, respectively, on Wednesday. It nevertheless remains nearly EGP 6.2 above its pre-conflict level.
Gulf currencies also declined against the Egyptian pound. The Kuwaiti dinar traded at EGP 172.78 on Thursday, down from EGP 174.43 on Wednesday, while the Bahraini dinar fell to EGP 140.58 from EGP 141.93.
The Omani riyal traded at EGP 137.67, down from EGP 138.98, while the Jordanian dinar fell to EGP 74.86 from EGP 75.57.
According to CBE data, Gulf currencies have depreciated against the Egyptian pound by between EGP 1.32 and EGP 15.65 since the outbreak of the US-Israel war on Iran.
Gold
Gold prices also continued their downward trend this week.
The gold sovereign (geneih dahab) traded at EGP 54,520 on Thursday, down by EGP 680 from EGP 55,200 on Sunday, according to gold trading platform iSagha.
Meanwhile, 24-karat gold fell to EGP 7,788.5 on Thursday, down by EGP 97.25 from EGP 7,885.75 on Sunday.
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