Foreign currency reserves hike, dollar drops against Egyptian pound

The US dollar weakened again against the Egyptian pound amid optimism about a strong performance of the Egyptian currency during the coming period after the Central Bank of Egypt announced an increase in foreign currency reserves during April to stand at $40.343 billion.
The Egyptian pound also strengthened against the background of international reports that recommend increasing international investment funds in the Egyptian capital market.
The greenback lost one penny yesterday in all banks operating in the Egyptian market, to record the lowest buying price in the National Bank of Egypt at LE15.60 and the lowest selling price at LE15.70. It was traded in commercial and private banks at levels ranging between LE15.62 for buying and LE15.73 for selling.
Other international currencies also recorded slight declines against the Egyptian pound yesterday. The average price of the euro reached LE18.71 for buying and LE18.88 for selling, while the sterling pound stood at LE21.66 f