Egyptian pound and US dollar banknotes. AFP
It’s worth noting that Thursday, 23 July, is a paid holiday to mark the anniversary of the 1952 Revolution.
The dollar traded between EGP 51.29 and EGP 51.38 for buying and between EGP 51.39 and EGP 51.48 for selling at 10 banks including Suez Canal Bank, National Bank of Kuwait and HSBC Bank.
Local lenders such as National Bank of Egypt (NBE) quoted the dollar at EGP 51.30 for buying and EGP 51.40 for selling; Banque Misr and Banque du Caire quoted EGP 51.29 and EGP 51.39, respectively.
The lowest exchange rate reached EGP 51.25 for buying and EGP 51.35 for selling at Al Baraka Bank and Crédit Agricole.
According to Central Bank of Egypt (CBE) data, the pound traded at EGP 51.28 for buying and EGP 51.42 for selling on Wednesday’s COB, making it the highest rate for the currency recorded this month. The pound weakened by EGP 0.32 or 0.63 percent from Tuesday’s rates of EGP 50.97 and EGP 51.10, respectively.
Tuesday’s rates showed a marginal improvement by almost EGP 0.1 or 0.2 percent from Monday’s rates of EGP 51.06 and EGP 51.20. The pound continues to depreciate as the US launches more strikes on Iran, triggering air defences for the 11th consecutive night.
With the closure of the Strait of Hormuz and Yemen’s Houthis warning ships to stay away from Saudi ports, threatening to implement a blockade on the Red Sea’s Bab el-Mandeb strait, Brent crude has increased to around $92 per barrel.
The Egyptian currency has depreciated by EGP 2.5 or 5.2 percent since the reignition of the US war on Iran. The currency has also depreciated by around EGP 3.4, or 7.1 percent, since the outbreak of the US-Israeli war on Iran in late February, compared to its pre-conflict level of EGP 47.99 against the US dollar.
Euro, sterling extend gains
The euro continued to strengthen against the Egyptian pound, trading at EGP 58.47 for buying and EGP 58.64 for selling on Wednesday, compared to EGP 58.20 and EGP 58.36 on Tuesday when it weakened from EGP 58.30 and EGP 58.47 on Monday.
The currency is now trading about EGP 2 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 68.55 for buying and EGP 68.76 for selling on Wednesday, compared to EGP 68.37 and EGP 68.57 on Tuesday and EGP 68.71 and EGP 68.91 on Monday. The Sterling remains nearly EGP 3.8 above its pre-conflict level.
Gulf currencies also strengthened against the Egyptian pound. The Kuwaiti dinar traded at EGP 166.58 for buying and EGP 167.09 for selling, compared to EGP 165.60 and EGP 166.10 on Tuesday and EGP 165.81 and EGP 166.32 on Monday.
The Bahraini dinar rose to EGP 136.39 on Wednesday from EGP 135.54 on Tuesday and EGP 135.68 on Monday. The Omani rial increased to EGP 133.57 from EGP 132.74 on Tuesday and EGP 132.87, while the Jordanian dinar traded at EGP 72.62, compared with EGP 72.17 on Tuesday, improving from EGP 72.24 on Monday.
According to CBE data, Gulf currencies have appreciated by between EGP 0.91 and EGP 1 against the Egyptian pound since 28 February.
Gold prices continue to rise
The gold sovereign (geneih dahab) is still on its upward trajectory, trading at EGP 47,880 on Wednesday, up by EGP 960 from EGP 46,920, according to gold trading platform iSagha.
Meanwhile, 24-karat gold traded at EGP 6,840, up by EGP 137.25 from EGP 6,702.75 on Tuesday.
Short link: