2023-07-06 17:28:51
Currency traders received a strong blow after the decline in the price of the Saudi riyal on the black market today, Thursday 7-6-2023, while the price of the riyal in Egyptian banks was relatively stable, causing the Saudi riyal to face a great loss for traders.
Some economic experts attribute the reason behind the decline in the price of the Saudi riyal on the black market to the end of the Hajj season, which witnesses the influx of Egyptians to Makkah Al-Mukarramah to perform the rituals of Hajj, and thus the demand for buying the Saudi riyal decreased, which led to a decline in its price on the black market.
The price of the Saudi riyal on the black market witnessed a significant decline during trading today, Thursday, as it recorded 10.60 pounds, after it recorded 11.50 in the middle of last June, with the start of the pilgrimage season to the Sacred House of God.
The price of the Saudi riyal on the black market
The importance of the Saudi riyal in the global market is due to the global demand for oil, as Saudi Arabia is one of the most oil exporting countries to all countries of the world, and therefore the demand for its currency is continuous
The exchange rate of the Saudi riyal against the Egyptian pound witnessed great stability in banks, as it recorded in Banque Misr and the National Bank 8.20 pounds for purchase and 8.23 pounds for sale, which is a difference of almost two pounds from the price of the Saudi riyal on the black market today.
While the price of the Saudi riyal in Banque du Caire recorded 8.20 pounds for purchase and 8.25 for sale. As for the Commercial International Bank, the Saudi riyal recorded 8.19 pounds for purchase and 8.25 pounds for sale.
The price of the Saudi riyal on the black market
The reason behind the decline in the price of currencies, especially in Egypt, is due to the supply and demand for foreign currencies, for example the Saudi riyal. We may find an increase in demand and thus an increase in its prices, whether in banks or the black market, which is what happened during the Hajj period
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