File Photo: A man counting Dollars. Photo: Al-Ahram
The dollar was quoted between EGP 50.65 and EGP 50.80 for buying and EGP 50.75 and EGP 50.90 for selling at National Bank of Kuwait (NBK), Suez Canal Bank and HSBC.
The lowest rates were EGP 50.17-50.27 for buying and EGP 50.27-50.37 for selling at Arab International Bank and Egyptian Arab Land Bank.
According to Central Bank of Egypt (CBE) data, the pound weakened to EGP 50.64 per dollar for buying and EGP 50.78 for selling on Tuesday, from EGP 50.16 and EGP 50.30, respectively, on Monday.
It has also fallen from EGP 49.85 and EGP 49.99 on Sunday.
The Egyptian currency weakened by almost EGP 2, or 4 percent since the US launched several counterstrikes on Iran last week, triggering the closure of the Strait of Hormuz.
Since the start of the US-Israel war on Iran in late February, the Egyptian pound depreciated by about EGP 2.7, or 5.8 percent, from its pre-conflict level of EGP 47.99 against the US dollar.
Other currencies appreciation
The euro continued to strengthen against the Egyptian pound, trading at EGP 57.68 for buying and EGP 57.85 for selling on Tuesday, compared to EGP 57.36 and EGP 57.52 on Monday and EGP 56.90 and EGP 57.06, respectively, on Sunday.
The euro is now trading about EGP 1.2 above its pre-conflict closing rate of EGP 56.63, recorded on 26 February, two days before the outbreak of the war.
Sterling followed a similar pattern, trading at EGP 67.71 for buying and EGP 67.91 for selling on Tuesday, up from EGP 67.19 and EGP 67.42 on Monday, and EGP 66.83 and EGP 67.04 on Sunday, respectively.
The currency remains almost EGP 3 above its pre-conflict level.
Gulf currencies also appreciated. The Kuwaiti dinar traded at EGP 164.55 for buying and EGP 165.05 for selling on Tuesday, compared to EGP 162.97 and EGP 163.47 on Monday, and EGP 161.97 and EGP 162.48 on Sunday.
The Bahraini dinar rose to EGP 134.71, from EGP 133.42 on Monday.
The Omani rial rose to EGP 131.92 on Tuesday from EGP 130.66 on Monday, while the Jordanian dinar traded at EGP 71.73 from EGP 71.04 on Monday.
According to CBE data, Gulf currencies have appreciated by between EGP 0.72 and EGP 8 against the Egyptian pound since 28 February.
Gold prices, however, remained stable on Tuesday, with the gold sovereign trading at EGP 46,760, the same as Monday’s rate, according to gold trading platform iSagha. While the 24-karat gold also remained at EGP 6,680.
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