Egyptian Pound Slips Past 54 per Dollar on Fed Rate Hike Bets

The Egyptian pound weakened against the US dollar on Sunday, with the exchange rate rising above 54 pounds in local banks, gaining up to 45 piasters after last week's trading wave. The dollar rose about 30 piasters in the National Bank of Egypt and Banque Misr to 54.17 pounds for buying and 54.27 for selling, while the Commercial International Bank saw a 34-piaster increase to 54.21 pounds. Analysts attribute the rise to the dollar's global strength, expectations of a Federal Reserve rate hike, and strong US employment data. The pound had fallen over 8% in October to a record low of 56.25 pounds per dollar, driven by foreign investor outflows of about $3.5 billion from treasury bills, alongside geopolitical risks and tech stock selloffs.