US Dollar Steadies At EGP6.76 In FX Firms, Hits EGP7.40 In Black Market

By Yomna Yasser On Feb 27, 2013

The US dollar’s price has slightly surged on Wednesday to EGP 6.7391 (buy price) and EGP 6.7692 (sell price), compared to Tuesday’s data of EGP 6.7379 (buy price) and EGP 6.7680 (sell price). On the other hand, the US currency has hiked to EGP 7.40 in the black market.

Hatem El-Gendy, Chairman of Al-Rawdah foreign exchange firm, said the slight increase in the US dollar’s price against the Egyptian pound coincided with Egyptian Central Bank’s 27^th FX auction on Wednesday worth US$40 million to local banks.

The Central Bank of Egypt (CBE) offers US$ 40 million to local banks on Wednesday, with a maximum of US$ 6 million to each bank at its 27^th FX auction and the 11^th one since the appointment of Hisham Ramez, governor of CBE.

Meanwhile, Reda Awwad, Chairman of Al-Qudus foreign exchange firm, has noted that the average price of the US dollar against the Egyptian pound has reached on Wednesday EGP 7.40 in black market.