Egyptian Pound Hovers Around EGP 51/$1 Amid Continued Fluctuations

The Egyptian pound continued to fluctuate against the US dollar on Sunday, hovering around EGP 51/$1 at the close of business. The currency traded between EGP 50.67 and EGP 50.83 for buying and between EGP 50.77 and EGP 50.93 for selling across various banks.

The pound remains weaker than its pre-conflict level, trading almost EGP 3 or 6.1 percent lower against the dollar at EGP 47.99. Despite this, it strengthened marginally on Sunday at the Central Bank of Egypt (CBE), trading at EGP 50.94 for buying and EGP 50.87 for selling.

The euro and British pound also slipped slightly against the Egyptian pound, trading at EGP 59 for buying and EGP 59.17 for selling, and EGP 60.26 for buying and EGP 60.43 for selling respectively. Gold prices dropped on Sunday, with the gold sovereign decreasing by EGP 520 to EGP 50,680.