The exchange rate of the US dollar against the Egyptian pound saw a notable increase during Sunday’s trading, coinciding with the resumption of banking operations following the weekend.
It exceeded LE53.60 amidst active trading within the official exchange market.
Bank trading screens showed an upward movement for the US currency at the start of the week, with the average dollar price recording an increase of nearly 80 piasters compared to the levels at the end of last week.
This was driven by changes in supply and demand and traders’ anticipation of monetary policy developments in the coming period.
Current dollar prices
The dollar was trading at LE 53.55 for buying and LE 53.65 for selling at Crédit Agricole Bank. The same rate was recorded at Kuwait Finance House and Al Ahli Bank of Kuwait. At the Suez Canal Bank, the dollar was trading at LE 53.52 for buying and LE 53.62 for selling. At the two largest state-owned banks, the dollar was trading at LE 53.45 for buying and LE 53.55 for selling at the National Bank of Egypt, and at LE 53.49 for buying and LE 53.59 for selling at Banque Misr. At the Bank of Alexandria, the dollar was trading at LE 53.50 for buying and LE 53.60 for selling. The dollar was trading at LE 53.46 for buying and LE 53.56 for selling at the Arab International Bank, the same level as at the Société Arabe Internationale de Banque. At the Egyptian Gulf Bank, the dollar traded at LE 53.49 for buying and LE 53.59 for selling.
Rise is ‘normal’, expert assures
Banking expert Tarek Metwally said that the rise in the dollar’s value at the start of the week’s trading is normal given the ongoing fluctuations in demand for foreign currency in the market.
Metwally added that dollar exchange rate movements typically see increased activity once banks reopen after the weekend.
He explained that the continued flow of foreign currency remains a key factor in the stability of the exchange market in the coming period.
Edited translation from Al-Masry Al-Youm
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