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The US dollar rose marginally against a basket of major currencies during Friday trading, but it tends to record its biggest weekly drop in more than a decade.
The green currency’s performance comes amid stimulus measures around the world, including a US $ 2 trillion package, to mitigate the damage to the global markets caused by the Corona virus.
Economic data revealed yesterday, an unprecedented rise in US unemployment benefits due to the devastating impact of the virus on the economy, but a rise in Wall Street shares raised hopes in risky markets again.
The US dollar rose marginally against the euro by about 0.08 percent, recording 1.1023 dollars, while it fell against the Japanese currency by 0.6 percent to 108.88 yen.
While the US dollar rose against the British pound by about 0.2 percent to 1.2181 dollars, as the green currency rose against its Swiss counterpart by about 0.1 percent, recording 0.9631 francs.
During the same period, the main dollar index, which follows the performance of the green paper against six major currencies, increased marginally by about 0.08 percent at the level of 99.4280.
The green paper fell by about 1.5 percent in trading yesterday, amid disappointing economic data, which was the largest daily decline in more than four years.
The US dollar lost about 3.1% last week, which would be the biggest weekly loss since 2009
Domestically, the exchange rate of the American currency was stable in most banks operating in the market, at 15.70 pounds for purchase, and 15.80 pounds for sale, while the highest price at Misr Iran Development Bank hit 15.71 pounds for purchase, and 15.81 pounds for sale, i.e., a shark increase from the rest Banks.
But it fell in the two largest government banks – the National Bank of Egypt, and Egypt – to the level of 15.68 pounds, 15.78 pounds per sale.
Mohamed Abdel-Aal, the banking expert, ruled out any trend to return the dollar locally – that is, convert the pound into a dollar and the last hoarding, to speculate on its price for the coming period, stressing that the American currency is currently not required by banks and ATMs, especially since everything is stopped and closed due to the outbreak of the Corona virus. The newcomer worldwide, which hit the markets in a state of stagnation and uncertainty, he said.
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