Major Currencies Drop against Egyptian Pound

Currency rates witnessed on Sunday a variation between stability and depreciation against the Egyptian pound, in the beginning of morning trading with the first working days of banks.

The price of the dollar stabilized today against the Egyptian pound in major banks, in the beginning of morning trading, recording EGP 16.10 to buy, and EGP 16.20 to sell.

Euro price 

The euro exchange rate fell against the Egyptian pound with the start of the National Bank of Egypt (NBE) updates, and reached EGP 18.02 to buy, EGP 18.20 to sell, compared to yesterday's price of EGP 18.01 for purchase, and EGP 18.24 for sale.

British sterling pound

The exchange rate of the British pound fell against the Egyptian currency, reaching EGP 19.82 to buy, EGP 20.14 to sell, compared to EGP 19.97 to buy, EGP 20.19 to sell, on yesterday's trading.

Saudi riyal

The Saudi riyal exchange rate stabilized against the Egyptian pound, and the riyal price recorded EGP 4.20 for purchase, and EGP 4.31 for sale.

Kuwaiti dinar 

The Kuwaiti dinar exchange rate fell against the pound, and its price today reached EGP 49.87 pounds to buy, and EGP 52.64 to sell, compared to yesterday's price of EGP 49.89 to buy, EGP 52.69 to sell.

Performance of the Egyptian pound

The currency exchange rate is the indicator for the performance of the economies. When dollar flows and capital occur in hard currency, this supports the currency's strength, and in the context of progress and improvement of Egyptian economy indicators significantly over the past period, the price of the pound against the dollar has reversed during the past months with the rise of the local currency against its US counterpart.

This performance is expected to continue during the coming period, with the progress of economic indicators and the improvement of 5 basic foreign currency resources for Egypt.

Earlier this month, Bloomberg data showed that the Egyptian pound is the strongest performer against the dollar in 2020, recording an average price of EGP 16.18 at the end of trading in the second week of June, compared to an average price of EGP 16.05 at the end of last year 2019, a drop of only 13 piastres.

The Egyptian pound recorded a strong performance against the dollar, surpassing all emerging market currencies since the beginning of this year, contenting itself with a marginal decline that did not exceed 0.089% despite the repercussions of the novel coronavirus.