The US dollar continued to fires black market in front of the Egyptian pound during trading on Wednesday.
Insiders said companies exchange during a telephone conversation Bmasraoa, the dollar on the black market between 7.95 And 7.97 Llshra’, and 8 Pounds for sale to individuals.
They explained that high demand for the dollar on the exchange companies. In contrast, the supply is weak, which caused the ignition price of black market.
Traders believe that the dollar exchange firms rising globally and reduce the value of the yuan China was one of the reasons for the high price on the black market in Egypt, where some expect the central bank to move the price of the banks in the coming days which has led to high demand for the dollar in the local market.
While others see that the closure exchange companies caused the existence of a state of anxiety in the market and increased demand which has led to causing high price, as well as the exploitation of some companies to close and hide the dollar and raise the price.
The dollar saw rising since last week against the pound, after the decision of the Investigation of public funds on Wednesday before last, to close 14 Exchange company, accusing them of belonging to the Muslim Brotherhood, and is funded.
In banks, the US dollar steadied against the pound during trading last week, to reach 7.78 Pounds for buying and 7.8301 pounds for sale during trading last Thursday - according to the National Bank of Egypt.
According to Reuters, the dollar trimmed its gains against the yen and the euro on Wednesday after the descent of the Chinese and European stock markets despite the easing measures taken by Beijing with most investors worried about the outlook for the global economy.
Analysts said the sell-off in global markets recently contributed to the high volatility much is not yet clear whether the Federal Reserve (US central bank) Will be submitted to tighten monetary policy. Moreover increasingly hazy outlook of the Chinese economy more than ever.
The euro rose briefly to record 1.1515 Dollars in London trading, while the US currency was trading at 119.35 After the yen reached 119.83 Yen in early European trade.
The euro and the yen received a boost after the current turmoil in the markets led to liquidation of positions in operations where investors sell low-yielding currency to buy assets or high-risk currencies to reap higher returns. to
Be more than when exposed to the fluctuations and the financial markets are under pressure to filter these deals.
The dollar was trading above 125 Yen, while the euro fell below 1.10 Dollars two weeks ago to pay before the widespread risk aversion to buy back the yen and the euro. It is expected that the two currencies continue to progress with continuing uncertainty about the sustainability of steps to support the economy and new markets taken by China in the long run that.