The exchange rate of the US dollar against the Egyptian pound rose today by about 31 piastres, reaching 47.94 pounds, after trimming its large gains earlier in the session which reached 57 piastres, touching 48.25 pounds in some banks.

Last week, the dollar had dropped to its lowest level since June 2024, recording 47.63 pounds for sale.

Today, the US currency price increased at the National Bank of Egypt by 0.70%, recording 47.84 pounds for buying and 47.94 pounds for selling, compared to 47.53 pounds for buying and 47.63 pounds for selling at the close of last week’s trading on Wednesday.

Meanwhile, the dollar rose at the Commercial International Bank by 0.60%, recording 47.80 pounds for buying and 47.90 pounds for selling, instead of 47.53 pounds for buying and 47.63 pounds for selling.

The highest price for the US dollar was recorded in transactions at both the National Bank of Kuwait and the Export Development Bank at 48.15 pounds for buying and 48.25 pounds for selling, an increase of 1.43%.

The lowest dollar price was at Abu Dhabi Commercial Bank transactions at 47.50 pounds for buying and 47.60 pounds for selling, unchanged from last week.

Mohamed Fouad, an economic expert and member of the Macroeconomic Advisory Committee to the Cabinet, said the Egyptian pound still suffers from structural pressures despite improved dollar inflows from exports, tourism, and remittances.

Fouad explained in statements to “Al-Shorouk” that the most prominent structural pressure affecting the pound’s value in the coming period is the rising trade deficit.

He added that current movements in the foreign exchange market reflect a short-term interaction between temporary dollar inflows and the settlement of banking and commercial positions, not a structural shift in market direction.

He expects the dollar exchange rate to remain between 47.5 and 50 pounds over the next six months, stating, “Any daily price movement within this range is normal and not a cause for concern.”

Last week, the Central Bank revealed the trade deficit value for the fiscal year 2024-2025, which reached 51 billion dollars, the highest level ever, according to central bank data.

Mustafa Shafie, head of research at Al Arabiya Online Securities Brokerage, said the dollar’s rise yesterday was due to increased demand for the US currency in interbank markets.

Shafie told “Al-Shorouk”: “This is a natural movement at the start of trading after a long weekly holiday,” explaining that importers had pending orders since last Thursday morning due to the October 6 Victory Day holiday.

In March 2024, during an extraordinary meeting, the Central Bank allowed the pound’s exchange rate to be determined by supply and demand mechanisms, which raised the dollar price then to 51 pounds, compared to 30.90 pounds before that meeting.

The dollar has fallen by more than 6% since the beginning of this year, dropping below 48 pounds for sale compared to 50.90 pounds in January.