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During the morning trading, the US dollar’s exchange rate has steadied against the Egyptian pound at EGP 6.88 for buying and EGP 6.91 for selling in banks and forex firms. For the black market, the US currency price has fell to EGP 7.30.
From his part, Reda Awad, Chairman of Al-Reda forex firm, said the US dollar’s price in black market has remarkably fell following the country’s Central Bank offering its FX auction worth EGP 600 million to local banks on Sunday. Since then, the US dollar’s price reported a decline ranging between EGP 0.65 and EGP 0.70 after crossing the EGP 8 level last week, Awad added.
Awad further explained that the Central Bank’s FX auctions contribute to highly providing the forex firms with the USD liquidity.
