The prices of Arab currencies witnessed remarkable stability against the Egyptian pound, in exchange companies affiliated with banks operating in the local market today, Saturday, October 2.
“Akhbar Al-Youm Gate” publishes the rates of Arab currencies, according to the latest rates of the National Bank of Egypt and Banque Misr.
The price of the Saudi riyal recorded about 4.18 pounds for purchase, and 4.19 pounds for sale, and the Kuwaiti dinar recorded about 49.25 pounds for purchase, and 52.24 pounds for sale, and the price of the UAE dirham scored about 4.26 pounds for purchase, and 4.28 pounds for sale.
The prices of Arab currencies witnessed a state of discrepancy between the rise and fall during the transactions of the last period, according to the supply and demand mechanism that banks follow in determining the rates of foreign and Arab currencies against the Egyptian pound since the exchange rate was liberalized on November 3, 2016.
On the other hand, the US dollar index closed this week’s trading at “+0.66%”, to record its highest level in 3 weeks, as investors turned away towards the end of the week from risk, after the retail sales data unexpectedly rose in August, which Indicates the possibility that the Federal Reserve will reduce the volume of its bond purchases earlier than expected, as a result, the Euro index closed this week’s trading lower (-0.75%), to reach its lowest level in almost a month.
This comes at a time when US stocks recorded losses on a weekly basis, as investors began to consider the possibility of announcing an early phasing out of the Federal Reserve’s asset purchase program during the upcoming FOMC meeting and also as a result of the impact of the regulatory crackdown in China.