The pound traded at EGP 50.21 for buying and EGP 50.35 for selling on Tuesday, weakening by EGP 0.3 or 0.6 percent from Monday’s EGP 49.91 and EGP 50.04, respectively.
It also depreciated by EGP 0.42 or 0.85 percent from earlier this week’s EGP 49.78 for buying and EGP 49.92 for selling on Sunday.
The currency’s recovery halted three days after it began in the middle of last week, when it traded EGP 49.74 for buying and EGP 49.88 for selling last Wednesday.
It remains almost EGP 2.3, or almost 5 percent weaker in value than its pre-conflict level of EGP 47.99 against the dollar.
The fluctuation comes as the US and Iran still haven’t settled on conditions to end their seven-month-long conflict, further delaying reopening the Strait of Hormuz, while the Houthis renew attacks in Yemeni port cities in the Red Sea.
Meanwhile, across banks, the currency traded between EGP 50.22 and EGP 50.25 for buying and between EGP 50.32 and EGP 50.35 for selling across nine banks, including Suez Canal Bank, CIB Bank and Bank of Alexandria. While Al Baraka Bank and National Bank of Kuwait (NBK) traded lower at EGP 50.20 and EGP 50.30, respectively.
State-owned lenders such as Banque Misr, the National Bank of Egypt (NBE) and Banque du Caire quoted the dollar at EGP 50.23 for buying and EGP 50.33 for selling.
Other currencies gain
The euro continued to strengthen against the Egyptian pound, trading at EGP 57.91 for buying and EGP 58.08 for selling on Tuesday, compared to EGP 57.67 and EGP 57.84 on Monday and EGP 57.54 for buying and EGP 57.71 for selling on Sunday.
The euro remains about 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 behaved similarly, it traded at EGP 67.76 for buying and EGP 67.96 for selling on Tuesday, up from EGP 67.37 and EGP 67.58 on Monday, respectively and from EGP 67.15 and EGP 67.38 on Sunday.
Gulf currencies also gained against the Egyptian pound. The Kuwaiti dinar traded at EGP 163.48 for buying and EGP 163.98 for selling, up form EGP 162.49 and EGP 163 on Monday and from EGP 162.10 and EGP 162.60 on Sunday.
The Bahraini dinar rose to EGP 133.55 on Tuesday, up from EGP 132.75 the day before and EGP 132.43 on Sunday.
The Omani riyal traded at EGP 130.78, compared to EGP 130 on Monday andEGP 129.72 on Sunday, while the Jordanian dinar rose to EGP 71.11 on Tuesday, from EGP 70.69 and from EGP 70.52.
According to CBE data, Gulf currencies remain around EGP 0.61 to EGP 6.85 stronger against the Egyptian pound than they were on 28 February.
Gold prices surge
Gold prices is maintaining its upward trajectory, the gold sovereign (geneih dahab) traded at EGP 50,480 on Tuesday, a EGP 1,480 increase from Sunday and Monday's rate of EGP 49,000, according to gold trading platform iSagha.
Meanwhile, 24-karat gold also rose by EGP 211.5 to EGP 7,211.5, from EGP 7,000 per gram on Monday.
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