Egyptian pound hits all-time low against the dollar

The Egyptian pound’s exchange rate against the US dollar fell to an all-time low in off-market trading, dropping 1.7% compared to yesterday’s close. The Egyptian currency hit its lowest point during the trading session at 55.3019 pounds per dollar in the external market, according to Bloomberg data. The pound has faced pressure for most of the current month, losing 6.4% of its value since the beginning of October, according to Bloomberg calculations. Pressure intensified amid rising regional tensions, including Houthi attacks on Saudi Arabia. Earlier, Egyptian President Abdel Fattah el-Sisi affirmed Egypt’s readiness to take necessary measures to defend Saudi Arabia, and called on the Parliament to grant him the required approval to take such steps.