The price of the Saudi riyal against the Egyptian pound in banks, and the US dollar gives up its gains before the release of US retail sales
During today’s trading, the price of the Saudi riyal witnessed remarkable stability against the Egyptian pound. This stability comes in light of the upcoming Central Bank meeting scheduled to be held next Thursday, where a decision will be taken regarding the interest rate and its impact on the two currencies.
The impact of the Central Bank meeting on the price of the Saudi riyal and the Egyptian pound
The upcoming Central Bank meeting on May 18th is crucial for the Saudi riyal and the Egyptian pound. Markets may await a decision on the interest rate, which may greatly affect the strength of the two currencies and their exchange rate. In light of this, investors and traders are closely following the events of the meeting and the future directions of monetary policy.
Factors affecting the movement of the price of the Saudi riyal and the Egyptian pound
There are many factors that affect the movement of the price of the Saudi riyal and the Egyptian pound. Among these factors can be mentioned the economic and political developments in the two countries, the level of investments and foreign trade, oil circulation and prices, and regional and global tensions.
The “Al-Nasr newspaper” monitors, during the following lines, the price of the riyal against the pound at the beginning of today’s dealings, according to the latest update on the website of the Central Bank and Egyptian banks, which came about:
The price of the Saudi riyal in the Central Bank of Egypt
The value of the Saudi riyal was recorded in the Central Bank of Egypt at approximately 8.22 pounds for purchases, and 8.25 pounds for sales.
The price of the Saudi riyal in the Commercial International Bank CIB
The value of the Saudi riyal was recorded at the Commercial International Bank CIB at approximately 8.19 pounds for purchases, and 8.26 pounds for sales.
The price of the Saudi riyal in Banque Misr
The value of the Saudi riyal was recorded in Banque Misr at about 8.19 pounds for purchases, and 8.25 pounds for sales.
The price of the Saudi riyal in the Suez Canal Bank
The value of the Saudi riyal was recorded at the Suez Canal Bank at about 8.20 pounds for purchases, and 8.26 pounds for sales.
The price of the Saudi riyal in the National Bank of Egypt
The value of the Saudi riyal was recorded in the National Bank of Egypt, about 8.19 pounds for purchases, and 8.23 pounds for sales.
The price of the Saudi riyal in the Bank of Alexandria
The value of the Saudi riyal was recorded at the Bank of Alexandria at about 8.19 pounds for purchases, and 8.26 pounds for sales.
The dollar is giving up its gains ahead of the release of US Retail Sales
The price of the US dollar continued its losses for the second day in a row in the European market, as it fell from its highest level in 5 weeks, as a result of continued corrections and profit taking. Important data is expected from the United States on retail sales in April, according to Investing.com.
This data will provide strong evidence about the performance of the US economy during the second quarter of this year, after it recorded a decline that exceeded expectations in the first quarter. The strong data is likely to boost the possibility of an increase in US interest rates.
The dollar index fell by more than 0.2% to 102.20 points, compared to today’s opening level of 102.43 points, and the highest level at 102.57 points.
The index lost about 0.3% yesterday, in its first loss in the last three days, after earlier recording its highest level in five weeks at 102.75 points.
The President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, stated that inflation is very high in the US and that the central bank has a long way to go to achieve its 2% inflation target.
