Egyptian Pound Strengthens Against Major Currencies Amid Regional Tensions

The Egyptian pound continued to strengthen against major currencies on Sunday, despite slight fluctuations last week.

According to Central Bank of Egypt (CBE) data, the dollar traded at EGP 51.65 for buying and EGP 51.78 for selling at Sunday's COB, down by EGP 0.06 or 0.13 percent from Thursday's closing rates of EGP 51.71 and EGP 51.85 respectively.

The pound gained EGP 0.30 or 0.6 percent on Sunday compared with last Sunday's COB rates of EGP 51.95/$1 for buying and EGP 52.09 for selling, remaining around 7.9 percent weaker than its pre-conflict level of EGP 47.99 against the dollar.

The euro strengthened marginally against the Egyptian pound on Sunday, trading at EGP 58.83/€1 for buying and EGP 58.99/€1 for selling, while the British pound traded at EGP 68.43/£1 for buying and EGP 68.65/£1 for selling.