The U.S. dollar saw a slight uptick against the Egyptian pound on Wednesday, according to the latest data from state-owned and private banks, as the local currency continued to trade within a narrow range amid steady market demand for foreign exchange.
The modest movement reflects ongoing stability in Egypt’s currency market, even as investors maintain a cautious outlook ahead of the Central Bank of Egypt’s (CBE) policy meeting later this month. Market participants are watching closely for potential signals on interest rate adjustments or policy shifts that could influence the pound’s trajectory in the coming weeks.
As of Wednesday afternoon, the average exchange rate for the U.S. dollar stood at EGP 47.34 for buying and EGP 47.48 for selling, according to data published by the CBE.
At the National Bank of Egypt (NBE), the country’s largest state lender, the greenback was quoted at EGP 47.31 for buying and EGP 47.41 for selling, matching rates at Banque Misr, another major public-sector bank.
Currency traders said that dollar demand from importers and corporates remains broadly balanced with supply, while expectations of a stable near-term exchange rate have limited speculative activity.
US Dollar 47.34 47.48
Euro 54.39. 54.56
Pound Sterling 61.71. 61.91
Canadian Dollar 33.49 33.59
Danish Krone 7.28. 7.30
Norwegian Krone 4.62 4.63
Swedish Krona 4.93. 4.95
Swiss Franc 58.43 58.64
Japanese Yen (100) 30.82 30.91
Saudi Riyal 12.62 12.66
Kuwaiti Dinar 154.02 154.51
UAE Dirham 12.88 12.92
Australian Dollar 30.66. 30.76
Bahraini Dinar 125.57 125.95
Omani Riyal 122.95 123.33
Qatari Riyal 12.98 13.03
Jordanian Dinar 66.68 67.06
Chinese Yuan 6.64 6.66
Globally, the U.S. dollar rose 0.11% to 100.28 against a basket of major currencies, its highest level since May 29, supported by data showing renewed momentum in the American labor market.
A Reuters poll found that U.S. private-sector employment increased by 42,000 jobs in October, surpassing expectations of 28,000. While the improvement is modest and uneven across sectors, with professional business services recording declines for a third straight month, it has eased fears of a sharp labor market slowdown.
At the same time, U.S. service-sector activity rebounded in October amid strong new orders, suggesting underlying resilience in the world’s largest economy.
The greenback gained further traction after the Federal Reserve cut interest rates by 25 basis points last week, while signaling a cautious approach toward additional monetary easing this year. The move boosted demand for dollar assets as investors reassessed global yield differentials.
Dollar Exchange Rate Exceeds EGP 24 Barrier
US dollar
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