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Investing.com – The pound’s 12-month futures contract indicated a new decline of 1.2% today, to the level of 36.025, according to Bloomberg East News. This decline indicates that derivatives traders see the possibility of a larger fall for the Egyptian pound.
The price of the Egyptian pound held steady today in official transactions for the first time in 5 days, so that the exchange rate in the Central Bank recorded levels of 30.6234 pounds per dollar for sale, while it recorded levels of 30.5222 pounds per dollar for purchase.
In national banks, exchange rates stabilized at levels of 30.52 pounds per dollar for sale, and levels of 30.42 pounds per dollar for purchase, in the National Bank of Egypt and Banque Misr.
In private banks, the exchange rate against the pound stabilized at 30.62 pounds per dollar for sale, while the purchase price recorded 30.57 pounds per dollar.
The consolidation came despite the strong rise of the US dollar index globally, after news of the Fed’s tightening of monetary policy.