Arab Finance: The US dollar dropped to its lowest level in more than a month on Thursday, November 5, following a sweeping Democratic victory in the US midterm elections, which pushed Treasury yields lower.
At the National Bank of Egypt (NBE), the US dollar hit EGP 53.68 for buying and EGP 53.78 for selling at 10:30 AM.
Meanwhile, it traded at EGP 53.25 for purchase and EGP 53.35 for sale at Banque Misr.
The US dollar was quoted at EGP 53.6 for buying and EGP 53.7 for selling at the Commercial International Bank (CIB).
"We need to be mindful that currency and market movements in general may not necessarily reflect a sort of medium-term dynamic, but rather positioning and maybe even overreaction to the results of the midterms," Rodrigo Catril, senior currency strategist at National Australia Bank, told Reuters.
