Pounding the pound .. the price of the dollar is down 12 piasters in a week

12:19 PM

Friday, February 21, 2020

–

I wrote – Shaima Hefzy:

The dollar recorded the largest weekly decline in the past week, in 5 weeks, continuing its decline journey against the local currency for the seventh week in a row.

According to National Bank data, the dollar lost 12 piasters during the past week, to record yesterday 15.53 pounds for purchase, 15.63 pounds for sale compared to 15.65 pounds for purchase and 15.75 pounds for sale last Thursday.

The pace of the dollar’s decline against the pound has accelerated since the beginning of this year, thanks to attracting large foreign investments in government debt instruments, which supported the price of the pound.

A number of investment banks expected that the pound would continue to rise against the dollar during the year 2020.

Investment bank Beltone said that he expects the dollar to continue falling against the pound in the coming period, and that the pound will not face any pressure against the dollar in 2020, and that the price of the dollar will reach 16 pounds.

Pharos Investment Bank also expected that the average price of the dollar will decrease during the current year to 16.37 pounds compared to 16.81 pounds in 2019, indicating that it is not far fetched that the price of the pound will witness some increase during the current year in the range of 5%, to end the price of the dollar in 2020 at the level of 15 pounds.

In addition, Shuaa Investment Bank expected that the price of the pound against the dollar will reach 15.68 pounds at the end of the current fiscal year, to continue to decline and reach at the end of the next fiscal year to 15.51 pounds.

– .