Arab Finance: The US dollar weakened on Monday, August 3, after the US and Japan jointly intervened in the foreign exchange market to support the Japanese yen, marking the first coordinated currency intervention between the two countries in decades.
The move came during US President Donald Trump's visit to Japan, where he said Washington had also benefited financially from the intervention, describing the agreement as a big move for the global economy.
In Egypt, the dollar traded at EGP 49.95 for buying and EGP 50.05 for selling at the Commercial International Bank (CIB).
Meanwhile, the US currency also declined at other banks, with ALEXBANK quoting the dollar at EGP 50.25 for buying and EGP 50.35 for selling as of 10:08 AM.
