Dollar Hits Record High Against Egyptian Pound Amid Stock Market Decline

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The exchange rate of the dollar in Egypt surged to historic levels at the start of the week, reaching 51.22 EGP for buying and 51.32 EGP for selling at Faisal Bank and HSBC Bank. The National Bank of Egypt recorded a buying rate of 51.20 EGP and a selling rate of 51.30 EGP.

The Central Bank of Egypt had closed last week’s trading on Thursday, April 3, with a rate of 50.54 EGP for buying and 50.64 EGP for selling. Meanwhile, the Commercial International Bank (CIB) reported the lowest dollar price in morning transactions, with 50.62 EGP for buying and 50.72 EGP for selling.

Analysts suggest that the sudden rise in the dollar’s value is due to an increased demand for the U.S. dollar, as foreign investors in Egypt’s financial market liquidated their portfolios to cover positions in global markets. This move comes after global market declines triggered by tariffs imposed by U.S. President Donald Trump.

At the same time, the Egyptian stock market took a significant hit, with the main stock index falling by more than 4%, dropping below 30,400 points in the early trading hours on Sunday.