The dollar continued strengthening against the national currency on Thursday for the second day in a row, after a week of strength.
The dollar rose suddenly between 15 and 40 piastres at NBE, Banque Misr, CIB, and the Arab African International on Wednesday, following a week in which it settled at EGP 15.75.
At the National Bank of Egypt (NBE), the greenback was changing hands at EGP 16.3 for selling and EGP 16.2 for buying, increasing by EGP 0.2 from Wednesday.
At Banque Misr, the dollar recorded EGP 16.3 for selling and EGP 16.2 for buying, up from EGP 15.95 for selling and EGP 15.85 for buying on Wednesday.
On the other hand, at CIB, the greenback was sold at EGP 16.2 and bought at EGP 16.1—which were the same rates as Wednesday.
As for Banque du Caire, the dollar recorded EGP 16.2 for selling and EGP 16.1 for buying, up from EGP 15.95 for selling and EGP 15.85 for buying on Wednesday.
Moreover, the Arab African International Bank slightly increased the rates from EGP 16.09 for selling and EGP 15.99 for buying to EGP 16.22 and EGP 16.32 respectively.
Arqaam Capital attributed the devaluation to seasonal factors that increase demand, including the Umrah season and Ramadan imports, as well as more clients seeking dollars to travel during the summer.
Arqaam predicted that the US dollar will continue gaining more ground against the national currency over the coming three months, before it falls back again in the second half of the current year, due to awaited influx of hard cash.