Arab Finance: The US dollar inched higher against the Egyptian pound on early Sunday across a number of local banks, according to published rates by 10:31 am.

The highest price was recorded at the National Bank of Kuwait (NBK), where the dollar traded at EGP 52.60 for buying and EGP 52.70 for selling.

At Suez Canal Bank, the dollar stood at EGP 52.59 for buying and EGP 52.69 for selling, while HSBC and Banque Misr both quoted EGP 52.58 for buying and EGP 52.68 for selling.

Several other lenders, including Commercial International Bank (CIB), National Bank of Egypt (NBE), and ALEXBANK, posted rates of EGP 52.57 for buying and EGP 52.67 for selling. Crédit Agricole Egypt quoted similar levels.

The Central Bank of Egypt (CBE) set the average exchange rate at EGP 52.56 for buying and EGP 52.70 for selling.

The lowest rates were seen at Al Baraka Bank Egypt, where USD was priced at EGP 52.52 for buying and EGP 52.62 for selling.

The move comes as the local market continues to track changes in the dollar exchange rate within Egypt’s banking system.