Dollar, Euro Remain Stable as Global Markets Adjust to Central Bank Decisions

Foreign and Arab currencies remained stable against the Egyptian pound at the close of trading on September 20, according to exchange rates published by the Central Bank of Egypt. The global currency market adjusted to major central-bank decisions and concerns over energy-driven inflation.

The US dollar was quoted at EGP 51.9520 for buying and EGP 52.0911 for selling. The euro stood at EGP 59.6565 for buying and EGP 59.8266 for selling, while the British pound reached EGP 69.5793 for buying and EGP 69.7864 for selling.

The decision by the Federal Reserve to raise its benchmark interest rate by 25 basis points to a range of 3.75% to 4% influenced the dollar's movements. The US currency initially pushed to its highest level in about seven weeks before giving back some gains as Treasury yields eased.