The US dollar continued its rise against the Egyptian pound during trading on Tuesday, officially surpassing the LE50 mark in several banks operating in the local market.
It made a new increase of approximately 20 piasters compared to Monday’s trading levels, amidst rapid movements in the exchange market and market anticipation of regional and global economic developments and their impact on foreign currency flows.
The US dollar reached its highest levels at the Suez Canal Bank, at LE50.05 for selling and LE49.95 for buying. At Faisal Islamic Bank of Egypt, the price reached approximately LE 50.04 for selling and LE 49.94 for buying.
At the First Abu Dhabi Bank Egypt, the dollar reached approximately LE 50.02 for selling and LE 49.92 for buying, the same level reported by both Kuwait Finance House Egypt and HSBC Egypt.
At the National Bank of Egypt, the US dollar reached LE 50.00 for selling and LE 49.90 for buying.
Expert explains impact of war
Banking expert Tarek Metwally said that the dollar’s exceeding the LE 50 mark in several Egyptian banks during Tuesday’s trading reflects the pressures currently impacting global exchange markets, coinciding with geopolitical tensions in the region and increased demand for foreign currencies.
He added that the military escalation in the Middle East and the subsequent disruptions in global energy markets, particularly following the rise in gas and oil prices, have heightened anxiety in financial markets, which in turn has impacted currency movements in many emerging markets, including Egypt.
Metwally added that the movement of the dollar within banks with relatively limited increases reflects the continued flexibility of the exchange rate according to supply and demand.
The market may witness some fluctuations during the coming period until the course of global geopolitical conditions becomes clear, he said.
Edited translation from Al-Masry Al-Youm
