The dollar continues to rise against the pound for the fourth consecutive week

4:55 PM

Friday 20 March 2020

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I wrote – Shaima Hefzy:

The dollar continued to rise against the pound, during the past week’s trading, for the fourth week in a row, with repercussions of the recent transformation of the Corona virus into a global epidemic.

The price of the dollar in the National Bank of Egypt yesterday, 15.68 pounds for purchase, 15.78 pounds for sale, compared to 15.65 pounds for purchase and 15.75 pounds for sale, up 3 piasters.

The dollar turned up in the last week of February, after a consecutive downward flight, thanks to attracting large foreign investment, in government debt instruments, which supported the price of the pound.

According to Reuters, the dollar was 3.5% higher versus a basket of currencies during the week in which investors liquidated everything from stocks to bonds, gold and commodities.

The dollar’s gains over the past few weeks were already confusing, and the rise was a nightmare for many countries and companies that heavily borrow in the American currency.

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