US dollar depreciates by 19 piasters against Egyptian pound last week

US dollar depreciates by 19 piasters against Egyptian pound last week

The US dollar exchange rate against the Egyptian pound continued a noticeable depreciation during last week's transactions, losing between 9 and 19 piasters at banks operating in the local market.

The American currency was affected by the Egyptian pound's recovery, which saw a strong return in foreign investors to the market.

Egypt's signing of a final agreement with the International Monetary Fund (IMF) for a $5.2bn loan, of which the country has obtained the first $2bn tranche, gave the local currency a further boost.

The Arab International Bank (AIB) data showed the US dollar recording a 19 piaster decline, to EGP 15.93 to buy and EGP 16.03 to sell. This compares to the data from two weeks ago, when the AIB reported that the US dollar had been trading at EGP 16.12 to buy and EGP 16.22.

As for the United Bank, the US dollar exchange rate fell from EGP 16.10 to buy and EGP 16.20 to sell, to EGP 15.93 to buy and EGP 16.03 to sell.

At Banque du Caire and ALEXBANK, the US dollar price fell from EGP 16.11 to buy and EGP 16.21 to sell, to EGP 15.94 to buy and EGP 16.04 to sell.

The American currency price also decreased