Khaberni - The US dollar recorded a significant increase against the Egyptian pound in a number of major banks, in the middle of Sunday's trading.
According to reports from Egyptian media, the increase ranged between 1.96 and 2.03 EGP compared to the beginning of the session, according to data published on the bank's websites.
The National Bank of Egypt, Banque Misr, Banque du Caire, and Commercial International Bank saw an upward movement in the price of the American currency, amid market reactions to regional and local economic changes.
The dollar rate at the National Bank of Egypt was 52.05 EGP for buying and 52.15 EGP for selling, an increase of 1.96 EGP.
At Banque Misr, the rate was 52.1 EGP for buying and 52.2 EGP for selling, up by 2.01 EGP.
At Banque du Caire, the rate was also 52.1 EGP for buying and 52.2 EGP for selling, with a similar increase.
At the Commercial International Bank, it recorded 52.12 EGP for buying and 52.22 EGP for selling, an increase of 2.03 EGP.
The dollar prices in Egypt have seen notable fluctuations in recent days, amid the repercussions of escalating regional tensions following the confrontation between Iran and several regional parties, which affected the movement of emerging markets and currency exchange rates.
Investors and dealers in the Egyptian market are closely monitoring the developments in geopolitical situations, due to their direct impact on foreign investment flows and the demand for hard currency, at a time when central banks are striving to manage their monetary policies to maintain exchange rate stability and balance between liquidity requirements and inflationary pressures.
