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Egyptian Pound Edges Lower Against Dollar as Gold Holds Steady
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Egyptian Pound Edges Lower Against Dollar as Gold Holds Steady
The Egyptian pound weakened against the US dollar in three banks while gold prices held steady locally at the start of trading on Tuesday.
- The US dollar fell by one piaster at the Commercial International Bank (CIB) and by five piasters at Banque du Caire and Abu Dhabi Islamic Bank.
- The dollar buying rate stood at 50.17 Egyptian pounds at the National Bank of Egypt, Bank Mísr, and CIB at market open.
- Gold prices in Egypt remained unchanged from Monday evening, with 21-karat gold at 5,830 Egyptian pounds per gram.
- Globally, the spot gold price fell by 0.49 percent to about $4,021 per troy ounce, according to Bloomberg data.
What happened since
Gold, dollar fall in Egypt as tomato prices remain high
Gold and the US dollar both declined in Egypt on Wednesday, while tomato prices stayed elevated at 30 pounds per kilogram.
- Gold prices in Egypt fell Wednesday, with 21-karat gold trading near 5,830 pounds per gram, after the global ounce dropped 0.6 percent to around $4,028.
- The US dollar declined 32 piastres to 50.4 pounds for buying and 50.5 for selling, the first drop in a week, as foreign investment returned to treasury bills.
- Hussein Abu Sadaam, head of the Farmers Syndicate, said tomato prices would not decline until the winter harvest begins in December and January, citing reduced summer planting and crop damage.
Slight Decline in Dollar Exchange Rate at Two Egyptian Banks as Trading Opens Wednesday
The U.S. dollar fell by 3 to 10 piastres against the Egyptian pound in two banks at the start of Wednesday's trading, while remaining stable in eight others.
- The dollar price declined in Credit Agricole by 3 piastres for both buying and selling, and in Abu Dhabi Islamic Bank by 10 piastres.
- Eight banks, including the National Bank of Egypt and Banque Misr, kept their rates unchanged from Tuesday's close.
- The National Bank of Egypt quoted the dollar at 50.67 Egyptian pounds for buying and 50.77 for selling.
- The dollar traded at a range of 50.4 to 50.8 pounds across the ten monitored banks.
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