US dollar declines against Egyptian pound following Iran-US ceasefire announcement

The US dollar experienced an unexpected decline against the Egyptian pound, dropping by approximately 1.48 piasters during midday trading. This marks the initial market response to the announcement of a 15-day temporary ceasefire in the conflict between Iran and the United States, as negotiations continue towards a final agreement. At the National Bank of Egypt, the dollar rate fell to LE 53.35 for buying and LE 53.45 for selling. Al Baraka Bank recorded the dollar at LE 54.55 for buying and LE 54.65 for selling. The Central Bank of Egypt listed the dollar at LE 54.64 for buying and LE 54.78 for selling, while Banque Misr recorded it at LE 54.10 for buying and LE 54.20 for selling. This sudden depreciation of the dollar was further supported by significant inflows from foreign investors into Egyptian treasury bills and bonds, indicating renewed market confidence after the agreement between the United States and Iran to suspend hostilities temporarily.