Cairo – Mubasher: The Central Bank of Egypt sold $118.7 million to local banks at a regular FX auction, while the Egyptian pound kept rising against U.S dollar in the black market on Tuesday.
According to three traders preferred to remain anonymous, U.S dollar settled at EGP10.70 for selling and EGP10.60 for buying.
Meanwhile, the official exchange rate still stands at EGP8.85 per dollar for buying and EGP8.87 per dollar for selling, according online data by the Central Bank of Egypt.
Last week, the Egyptian pound fell to a record against U.S dollar, registering 11.70 per dollar.
The current public holidays lowered the demand on U.S dollar and led to a significant rise of the local currency against U.S dollar, said a senior official at an exchange bureau, adding that market has also witnessed a smoother movement after UAE deposited $2bn in the bank of Egypt.
