Dollar Rises against Egyptian Pound in Futures Contracts

The dollar rose against the Egyptian pound in futures contracts and broke the 59 barrier again yesterday after a period of stability.

During today's trading, the dollar continued to rise in futures contracts and recorded levels between 59.24 pounds and 59.64 pounds in one-year contracts.

While the US currency ranged in 3-month contracts between 53 and 53.14 pounds, and 6-month contracts between 55.32 and 55.51 pounds.

This comes amid a state of uncertainty due to US President Donald Trump's attempt to impose his plan to displace the Palestinians, which was met with categorical rejection from Egypt and Arab countries.

The dollar also rose in spot contracts by about 10 new piasters today to reach a high of 50.59 pounds to buy and 50.69 pounds to sell, after reducing its gains by about 7 piasters before the end of trading, to decline from a peak of 50.76 pounds to sell that it reached in the middle of trading today.

The difference between spot and futures contracts is that the former is the price at the time of the transaction and the latter is a combination of the spot price plus a difference in interest rates on the two currencies.