Egyptian Pound Strengthens as Dollar, Euro Retreat in Late Trading

Egypt’s currency market closed Wednesday on a notably stronger footing, with the Egyptian pound gaining ground against both the U.S. dollar and the euro across most major banks, reflecting a broader downward trend in foreign exchange rates by the end of the session.

The U.S. dollar recorded a visible decline, falling below the EGP 53 threshold in most banking institutions. The highest buying price was registered at EGP 53.65, while leading state banks such as the National Bank of Egypt and Banque Misr posted lower levels at EGP 52.67 for purchase and EGP 52.77 for sale.

Other banks, including Export Development Bank of Egypt, topped the market in buying rates, while institutions like Next Bank Egypt and Kuwait Finance House Egypt followed closely with buying prices around EGP 52.65. The overall movement points to a downward trajectory for the dollar amid improved demand for the local currency.

The euro mirrored this trend, registering a broad-based decline against the Egyptian pound. At the close of trading, the European currency was quoted at EGP 61.58 for buying and EGP 62.25 for selling at both the National Bank of Egypt and Banque Misr.

Observers attribute the pound’s rebound to increased foreign currency inflows and improved liquidity conditions, which have helped ease pressure on the exchange rate. 

The synchronized drop in both the dollar and euro suggests a short-term shift in market sentiment favoring the local currency, although analysts caution that fluctuations may persist depending on external economic factors and capital flows.