The dollar traded between EGP 50.48 and EGP 50.52 for buying and between EGP 50.58 and EGP 50.62 for selling at CIB, HSBC, and QNB.
State-owned lenders Banque Misr and the National Bank of Egypt quoted the dollar at EGP 50.50 for buying and EGP 50.60 for selling, while Banque du Caire traded at EGP 49.80 and EGP 49.90, respectively.
The lowest rates ranged between EGP 50.44 and EGP 50.45 for buying and between EGP 50.54 and EGP 50.55 for selling at Al Baraka Bank Egypt, the National Bank of Kuwait (NBK), and Crédit Agricole Egypt.
According to CBE data, the pound traded at EGP 50.47 for buying and EGP 50.61 for selling on Thursday, strengthening by EGP 0.04, or 0.08 percent, from Wednesday's rates of EGP 50.51 and EGP 50.65, respectively.
The currency also gained around EGP 0.17 from this week's highest level of EGP 50.64 for buying and EGP 50.78 for selling, recorded on Tuesday.
However, it remained EGP 0.62, or 1.2 percent, weaker than Sunday's rates of EGP 49.85 for buying and EGP 49.99 for selling.
The currency’s depreciation comes after a recent escalation in hostilities and disputes in the region. The Egyptian currency weakened by almost EGP 2, or 3.5 percent, since the US launched several counterstrikes on Iran last week, triggering the closure of the Strait of Hormuz.
Iran has also targeted US allies in the Gulf and the region, including Kuwait, Bahrain, and Jordan. Egypt condemned the attacks, affirming support in confronting any threat to these countries' security and territorial integrity.
Meanwhile, Iran has instructed the Houthis, its allies in Yemen, to close the Bab Al-Mandeb Strait and attack vessels in the Red Sea if the US strikes any Iranian power infrastructure.
This news fueled fears of energy and goods shortages due to disruptions in two major trade and shipping routes for oil and exports.
Since the outbreak of the US-Israeli war on Iran in late February, the Egyptian pound has depreciated by around EGP 2.6, or 5.5 percent, from its pre-conflict rate of EGP 47.99 against the US dollar.
Euro, sterling extend gains
The euro continued to appreciate against the Egyptian pound, trading at EGP 57.84 for buying and EGP 58.01 for selling on Thursday, up from EGP 57.66 and EGP 57.83 on Wednesday and from EGP 57.68 and EGP 57.85 on Tuesday, respectively.
The European currency now trades around EGP 1.4 above its pre-conflict closing rate of EGP 56.63, recorded on 26 February, two days before the outbreak of the war.
The British pound followed a similar trend, trading at EGP 68.14 for buying and EGP 68.35 for selling on Thursday, up from EGP 67.66 and EGP 67.88 on Wednesday and EGP 67.71 and EGP 67.91 on Tuesday, respectively. Sterling remains nearly EGP 3.4 above its pre-conflict level.
Gulf currencies, however, weakened marginally. The Kuwaiti dinar traded at EGP 164.12 for buying and EGP 164.63 for selling on Thursday, down from EGP 164.16 and EGP 164.67 on Wednesday and EGP 164.55 and EGP 165.05 on Tuesday.
The Bahraini dinar fell to EGP 134.26 on Thursday from EGP 134.35 on Wednesday and EGP 134.71 on Tuesday.
The Omani rial declined to EGP 131.48 from EGP 131.57 the previous day and EGP 131.92 on Tuesday, while the Jordanian dinar traded at EGP 71.49, compared with EGP 71.54 on Wednesday and EGP 71.73 on Tuesday.
According to CBE data, Gulf currencies have appreciated by between EGP 0.68 and EGP 7.5 against the Egyptian pound since 28 February.
Gold prices continue to decline
The gold sovereign (geneih dahab) traded at EGP 46,400 on Thursday, down EGP 280 from Wednesday's EGP 46,680 and EGP 360 from Tuesday's EGP 46,760, according to gold trading platform iSagha.
Meanwhile, 24-karat gold traded at EGP 6,628.5, down EGP 28 from Wednesday's EGP 6,656.5 and EGP 51.5 from Tuesday's EGP 6,680.
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