The dollar continues to bleed against the rise of the pound during today’s trading

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Today, Wednesday’s financial transactions in various Egyptian banks witnessed a very striking decline in the prices of the American dollar, just as was the case throughout the past days. In exchange, the Egyptian pound continued to rise and rose again and regained its prestige again in the local market.

The US dollar had lost about 14 piasters in the past three days in most Egyptian banks, but that decline continued in the same way by losing today two piasters compared to transactions on Tuesday.

Here are the currency rates, specifically the US dollar, in most Egyptian banks in which the dollar fell today:

  • Arab African Bank, the price of buying the dollar reached 15.81 pounds / the selling price of the dollar reached 15.91 pounds.
  • Commercial International Bank, the purchase price of the dollar reached 15.81 pounds / the sale price of the dollar reached 15.91 pounds.
  • Banque Misr, the purchase price of the dollar reached 15.83 pounds / the selling price of the dollar reached 15.93 pounds.
  • National Bank of Egypt, the purchase price of the dollar reached 15.83 pounds, and the selling price of the dollar reached 15.93 pounds.

On the other hand, Bloomberg confirmed that it has strongly returned to the forefront of global currencies during the past year 2019, and it is sufficient to indicate only that it has broken the main price barrier after it entered flows last week that exceeded one billion and 500 million dollars.

For his part, Mohamed Abu Basha, a well-known economic analyst, confirmed that the Egyptian pound has become a source of attraction for the foreign investor due to the high real rate of return, which strengthened the Egyptian pound’s position against the US dollar.

The Egyptian pound is expected to increase further in the coming stage, as economic forecasts indicate that it may reach 15.75 against the US dollar.

Also read: The price of the dollar today in banks and the black market.

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