Future contracts for Egyptian pound fell to LE38
The futures contracts for the Egyptian pound against the dollar fell to LE 38 per dollar for the first time in a year, amid anticipation of a fourth flotation of the pound during the current month.
The future contracts for the Egyptian pound for one month fell to LE 32.4, with the continued decline in the exchange rate in local banks, according to Al-Arabiya.
Since the beginning of March, the exchange rate has witnessed successive declines, heading towards LE 31.
According to Central Bank data, the exchange rate recorded LE 30.77 for purchase and LE 30.88 for sale.
According to Bloomberg, the value of the Egyptian pound declined by more than 6 percent against the dollar on the black market last week, to trade on Monday at about LE 33.5 per dollar, compared to LE 31.5 early last week.