Egyptian pound and US dollar banknotes. AFP
The currency traded at EGP 51.91 for buying and EGP 52.05 for selling on Thursday, compared with EGP 51.76 and EGP 51.90, respectively, on Wednesday.
The pound also weakened by EGP 0.16, or 0.32 percent, from Sunday’s rates of EGP 51.75 for buying and EGP 51.89 for selling.
The currency fluctuated throughout the week, rising to EGP 52.22 per dollar on Monday before strengthening to EGP 51.78 on Tuesday.
Despite recent gains, the pound remains around EGP 4.06, or 8.45 percent, weaker than its pre-conflict rate of EGP 47.9 against the US dollar. It also traded below last Thursday's closing rates of EGP 51.75 for buying and EGP 51.89 for selling.
Across local banks, the highest exchange rates on Thursday ranged between EGP 51.92 and EGP 51.95 for buying and between EGP 52.02 and EGP 52.05 for selling at ten banks, including Suez Canal Bank, National Bank of Kuwait (NBK), and HSBC.
Meanwhile, the lowest rates stood at EGP 51.90 for buying and EGP 52.00 for selling at three banks, including Crédit Agricole Egypt, Al Baraka Bank Egypt, and Egyptian Arab Land Bank.
Other currencies
The euro strengthened against the Egyptian pound, trading at EGP 59.87 for buying and EGP 60.03 for selling on Thursday, up from EGP 59.79 and EGP 59.95 on Wednesday and EGP 59.61 and EGP 59.79 on Sunday. The European currency nevertheless remains around EGP 3.4 above its pre-conflict level.
The British pound traded at EGP 69.37 for buying and EGP 69.56 for selling on Thursday, up from EGP 69.31 and EGP 69.50 on Wednesday and EGP 69.03 and EGP 69.24 on Sunday. It nevertheless remains nearly EGP 4.6 above its pre-conflict level.
Gulf currencies also weakened against the Egyptian pound. The Kuwaiti dinar traded at EGP 169.45 on Thursday, up from EGP 168.94 on Wednesday and EGP 168.91 on Sunday. Meanwhile, the Bahraini dinar edged up to EGP 138.07 from EGP 137.66 on Wednesday and EGP 137.63 on Sunday.
The Omani riyal traded at EGP 135.20 on Thursday, up from EGP 134.80 on Wednesday and EGP 134.78 on Sunday, while the Jordanian dinar rose marginally to EGP 73.52 from EGP 73.30 on Wednesday and EGP 73.29 on Sunday.
According to CBE data, Gulf currencies have depreciated against the Egyptian pound by between EGP 1.07 and EGP 12.3 since the outbreak of the US-Israeli war on Iran.
Gold
Gold prices continued to decline this week.
The gold sovereign (geneih dahab) traded at EGP 48,520 on Thursday, down by around EGP 560 from EGP 49,080 on Wednesday, according to gold trading platform iSagha.
Meanwhile, 24-karat gold followed a similar trend, trading at EGP 6,931.5 on Thursday, down by around EGP 80 from EGP 7,011.5 on Wednesday.
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