Arab Finance: In the wake of the Central Bank of Egypt's (CBE) decision to increase interest rates and devalue the Egyptian pound, the local currency has faced heightened volatility against major foreign currencies.

At the end of today's trading session, the Egyptian pound was priced at 49.5 for buying and 49.6 for selling per US dollar at the National of Egypt (NBE), and 49.5 for buying and 49.6 for selling per USD in Banque Misr.

The EGP was priced at 53.6729 for buying and 53.9598 for selling per euro in NBE, and for 53.6729 for buying and 53.9598 for selling per euro in Banque Misr.

The Kuwaiti dinar maintained its strength against the Egyptian pound, with the EGP rate at 161.0227 for bying and 161.3008 for selling against KWD in Banque Misr, and at 159.9302 for buying and for 161.3008 selling per KWD in NBE.

Similarly, the Emirati dirham remained steady against the Egyptian pound, with the EGP closing at 13.4969 for buying and 13.5043 for selling per AED in NBE and at 13.4971 for buying and 13.5043 for selling per AED in Banque Misr.

The fluctuations in the Egyptian pound's value underscore the challenges facing Egypt's economy as it navigates the aftermath of the CBE's rate hike and currency devaluation.

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