US Dollar Hits 9-Year High Against Egypt Pound In Week

The trading on the US dollar has ended last week reporting a 9-year high against the Egyptian pound to reach EGP 6.9562 for buying and EGP 6.9863 for selling.

The exchange rate of the US currency has witnessed steadiness by the beginning of last week at EGP 6.9414 for buying and EGP 6.9715 for selling. The US dollar maintained its steady levels last on Sunday and Monday due to Easter holidays.

Yet, the FX auctions offered by the Central Bank of Egypt (CBE) of US$ 80 million on Wednesday and Thursday to provide dollars for the local banks have driven the US dollar to rise.  On Wednesday, the US currency increased to EGP 6.9497 for buying and EGP 6.9798 for selling; while on Thursday, it surged to EGP 6.9562 for buying and EGP 6.9863 for selling.