File Photo: A man counting Dollars. Al-Ahram
The currency traded at EGP 50.16 for buying and EGP 50.29 for selling, dropping by EGP 0.89, or 1.74 percent, from Sunday’s EGP 51.04 and EGP 51.18, respectively.
The pound also traded at EGP 50.32 for buying and EGP 50.46 for selling on Monday. This is the second time the currency has approached the EGP 50 mark since the outbreak of the US-Israeli war on Iran on 28 February. It traded at around EGP 50.10 and EGP 50.24 for a brief two-day period during the first week of March.
It also fell by EGP 1.49, or almost 2.9 percent, compared to last Tuesday’s rates of EGP 51.65 and EGP 51.78, respectively.
Despite the recovery, the pound remains around EGP 2.3, or nearly 4.8 percent, weaker than its pre-conflict rate of EGP 47.9 against the US dollar. This is still an improvement from the 6.6 percent decline recorded on Sunday and the 8.4 percent decline recorded last Thursday.
Across local banks, the highest exchange rates on Tuesday ranged between EGP 51.17 and EGP 51.92 for buying and between EGP 50.27 and EGP 52.02 for selling at 11 banks, including Al Ahli Bank of Kuwait, Egyptian Arab Land Bank, and National Bank of Kuwait (NBK).
Meanwhile, the lowest rates stood at EGP 50.15 and EGP 50.16 for buying and EGP 50.25 and EGP 50.26 for selling at Crédit Agricole Egypt and Al Baraka Bank Egypt.
Other currencies also lose ground
The euro continued to weaken against the Egyptian pound, trading at EGP 58.22 for buying and EGP 58.39 for selling on Tuesday, down from EGP 58.43 and EGP 58.60 on Monday and from EGP 59.05 and EGP 59.21, respectively, on Sunday. The European currency nevertheless remains around EGP 1.75 above its pre-conflict level.
The British pound traded at EGP 67.32 for buying and EGP 67.52 for selling on Tuesday, down from EGP 67.55 and EGP 67.76 on Monday and from EGP 68.43 and EGP 68.63 on Sunday. It nevertheless remains nearly EGP 2.5 above its pre-conflict level.
Gulf currencies also continued to weaken against the Egyptian pound. The Kuwaiti dinar traded at EGP 163.88 on Tuesday, down from EGP 164.43 on Monday and EGP 166.70 on Sunday. Meanwhile, the Bahraini dinar fell to EGP 133.44 on Tuesday, down from EGP 133.85 on Monday and EGP 135.77 on Sunday.
The Omani riyal traded at EGP 130.69 on Tuesday, down from EGP 131.09 on Monday and EGP 132.95 on Sunday, while the Jordanian dinar fell to EGP 71.04 on Tuesday from EGP 71.27 on Monday and EGP 72.29 on Sunday.
According to CBE data, Gulf currencies have depreciated against the Egyptian pound by between EGP 0.60 and nearly EGP 6.75 since the outbreak of the US-Israeli war on Iran.
Gold sees slight fluctuation
The gold sovereign (geneih dahab) traded at EGP 50,240, down EGP 160 from around EGP 50,400 on Monday, but higher than Sunday's level of EGP 50,000, according to gold trading platform iSagha.
Meanwhile, 24-karat gold followed a similar trend, trading at EGP 7,177.25 on Tuesday, down EGP 22.75 from EGP 7,200 on Monday, but up from EGP 7,142.25 on Sunday.
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