The US dollar continued its rise against the Egyptian pound during Sunday’s trading, reaching levels exceeding LE52 in most banks in the local market for the first time in several months.
This continues the upward trend recently witnessed in the exchange market.
The US dollar was priced at approximately LE52.10 for buying and LE52.20 for selling at the National Bank of Egypt, Banque Misr, and Faisal Islamic Bank.
The highest dollar price was recorded at Abu Dhabi Islamic Bank and SAIB Bank, at LE52.15 for buying and LE52.25 for selling.
The dollar recorded LE 52.12 for buying at both the Arab International Bank and Kuwait Finance House, and LE 52.02 for buying and LE 52.12 for selling at Credit Agricole Bank, while it reached LE52 for buying and LE 52.10 for selling at the Egyptian Arab Real Estate Bank.
Exchange rate remained the lowest among the banks at the United Bank with LE51.60 for buying and LE 51.70 for selling.
Banking expert Tarek Metwally said that the dollar’s exceeding the LE52 mark in bank transactions showcases continued pressure on the exchange market due to increased demand for foreign currency against a limited supply, particularly given rising import needs and the repayment of external obligations.
The recent fluctuations in the dollar’s price are a natural market reaction to economic and financial developments, Metwally explained.
Edited translation from Al-Masry Al-Youm
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