Arab Finance: The US dollar rose against the Egyptian pound on Thursday, September 24, even as the USD eased slightly from a roughly two-month high globally, as investors paused after a recent rally driven by expectations of additional US Federal Reserve rate hikes.
At Banque Misr and the National Bank of Egypt (NBE), the dollar was quoted at EGP 51.61 for buying and EGP 51.71 for selling as of 11:07 am Cairo time.
The move represents a slight increase of about 0.5% in the dollar's value against the Egyptian pound from Wednesday's levels.
At the Commercial International Bank (CIB), the United Bank, and Al Baraka Bank, the dollar stood at EGP 51.60 for buying and EGP 51.70 for selling.
Globally, the US dollar index, which measures the greenback against a basket of six major currencies, was down 0.05% at 101.05 on Thursday, after climbing 0.56% to 101.23 on Wednesday, its highest level since July 29, according to Reuters.
The dollar's strength left the euro near a two-month low of $1.1384, while sterling remained near a three-month low of $1.3240.
The dollar's recent rally has been fueled by expectations of additional Federal Reserve rate hikes following strong economic data and last week's hawkish shift, as reported by Reuters.
