Dollar jumps again in Egyptian morning trade, approaching 51 pounds

The US dollar has surged against the Egyptian pound in morning trading on Tuesday, approaching 51 pounds amid renewed foreign investor outflows.

• The dollar rose by 50 piasters in morning trading compared to its opening rate, reaching 50.8 pounds for sale at the National Bank of Egypt, according to data from four major banks.
• Hot money outflows from Egyptian treasury bills totaled approximately $2 billion over the last five trading days, according to stock exchange and bank data.
• The dollar reversed its downward trend against the pound that had been in place since June, due to concerns over the potential return of war between Iran and the United States, according to bank statements.