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Forex

Egyptian Pound Edges Up Amid Global Dollar Strength

Guavy AI Editorial Team
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USD
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The Egyptian pound has seen a modest recovery after a week of pressure, trading at EGP 52.07 for buying and EGP 52.21 for selling on Thursday.

This slight strengthening comes despite the US Federal Reserve's decision to raise its benchmark interest rate by 25 basis points on Wednesday, which strengthened the dollar globally amid concerns over inflation.

The Fed's latest projections also point to a possibility of one further rate increase this year.

The Egyptian pound remains around EGP 4.2 weaker than its pre-conflict level of EGP 47.99 against the dollar.

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