U.S. Dollar Hits EGP 6.51 Against Pound Driven By CBE’s Auctions

Exchange market experts said the U.S. dollar hiked during Tuesday’s trading by 3 piasters to EGP 6.4819 (buy price) and EGP 6.5119 (sell price), compared to Monday’s EGP 6.4519 (buy price) and EGP 6.4819 (sell price).

The experts attributed Tuesday’s hike to the foreign exchange auctions offered by Egypt’s Central Bank to provide U.S. dollars for the foreign exchange firms.

Belal Khalil, Deputy Chairman of the Foreign Exchange Division of the Federation of the Chamber of Commerce, said dollar’s EGP 0.3 rise on Tuesday was driven by the CBE’s auctions in order to provide the local banks with the U.S. currency aiming to help preserve foreign fund reserves.

Khalil noted that the demand for dollar has become less than before.