US Dollar Rebounds Against Egyptian Pound After Consecutive Declines
The US dollar regained ground against the Egyptian pound at the end of Thursday’s trading session, reaching EGP 51.71 for buying and EGP 51.85 for selling, according to the latest data from the Central Bank of Egypt.
The increase came after the dollar had followed a downward trend through most of the week. Compared with its closing levels on Thursday, September 17, the US currency was up by around 28 piasters, when it stood at EGP 52.07 for buying and EGP 52.21 for selling.
The dollar had declined to EGP 51.95 for buying on Sunday, September 20, before falling further to EGP 51.86 on Monday.
The downward movement continued on Tuesday, September 22, when the dollar reached EGP 51.52 for buying. It then recorded its lowest level during the period on Wednesday, September 23, at EGP 51.36 for buying and EGP 51.49 for selling.
The latest movement in the exchange rate comes as markets continue to monitor monetary policy developments and interest rates in Egypt, alongside changes in the local foreign exchange market.
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