The US dollar dropped by more than 30 piastres against the Egyptian pound during morning trading at banks on Monday, according to a report from Egyptian outlet اليوم السابع.
The decline continued a recent trend of weakness for the American currency in Egypt. Separate reports cited by the outlet indicated that the dollar had also lost ground in earlier sessions, with one report noting the currency fell below the 50-pound level.
By the close of trading on Monday, the dollar had recorded further losses across multiple banks. According to financial news site Mubasher, the currency retreated in 11 banks by the end of the day's session. Another report from Masrawy said the dollar dropped by as much as 42 piastres in early transactions.
The reports did not specify a single unified exchange rate, as rates vary between banks in Egypt. The morning decline of more than 30 piastres represents a notable single-session move for the currency pair.
The Egyptian pound has been under pressure in recent years, with the central bank allowing greater flexibility in the exchange rate as part of economic reforms. The latest moves suggest continued volatility in the currency market.
Traders and businesses will be watching whether the dollar's slide continues in the coming sessions or if the currency stabilizes at current levels. The pace of decline across multiple banks on Monday points to broad-based movement rather than isolated adjustments at individual institutions.
