Egyptian Pound Strengthens Against Major Currencies

Thu 03 Sep 2020 | 07:18 PM

Taarek Refaat

Major currencies fell on Thursday against the Egyptian pound compared to Wednesday's transactions.

The exchange rate of the dollar fell two piastres against the Egyptian pound to register EGP 15.80 to buy, and EGP 15.90 to sell, compared to yesterday's price of EGP 15.82 to buy, and 15.92 to sell.

The euro also fell 15 pt. against the Egyptian currency to record EGP 18.62 to buy, and EGP 18.84 to sell, compared to EGP 18.77 for purchase, EGP 18.99 for sale.

The exchange rate of the pound sterling against the Egyptian pound also dropped to register EGP 20.97 to buy, and EGP 21.23 to sell, compared to EGP 21.08, EGP 21.33 in yesterday's transactions.

The Kuwaiti dinar exchange rate fell against the pound, according to the latest data to reach EGP 49.27 for purchase, and EGP 52.05 to sell, compared to EGP 49.37, and EGP 52.15 on Wednesday.

On the other hand, the exchange rate of the Saudi riyal has stabilized against the Egyptian pound, recording EGP 4.12 to buy and EGP 4.23 to sell.

The dollar continued its recovery on Thursday, as investors trimmed their bets on the decline of the US currency and sold the euro currency on fears that the European Central Bank (ECB) is concerned about its rise.

The recovery pushed the greenback to rise about 1.3% from a 28-month low against a basket of currencies on Tuesday.

Few analysts expect the dollar to consolidate at this level for a long time, and if it continues this wave, it will be the first time that the greenback would make gains for three sessions in a row since May.