Gulf currencies climb on Egypt currency float

Gulf currencies have rallied against the Egyptian pound in massive early trade on Thursday after Egypt’s central bank floated the local currency

The central bank has set an initial guidance rate of 13.5 pounds to the dollar at a sale at 1300 local time (1100 GMT) and allow free bids and offers while the market converges on a real price.

Kuwaiti dinar has climbed to 43.0012 pounds for buying and 44.6502 pounds for sale; while Saudi riyal was purchased for 3.4686 pounds and sold at 3.5996 pounds, according to a data compiled by state-run National Bank of Egypt.

UAE dirham was purchased for 3.5421 pounds and sold at 3.6759 pounds. Bahraini dinar also surged, been purchased at 34.502 pounds and sold at 35.8052 pounds.