Egyptian pound falls sharply against dirham
The spate of a week-odd long civil unrest in Egypt has taken its toll on the dirham- Egyptian pound (EGP) exchange rate, with the latter falling against the former significantly.
While on January 4th, one dirham would fetch around 1.576 EGP, on Monday the pound fell to 1.594 against dirham.
Currency analysts believe the pound could further weaken against dirham going further if the unrest lingers.
"Currency movements do reflect macro and political situations pretty vivid. With respect to UAE-AED, Egyptian pound (EGP) has weakened significantly over the last week. As far as I understand it's probably the weakest since more than half a decade. If tensions mount or refuse to abate, then expect further weakness in the currency," Pradeep Unni, Senior Research Analyst and Trader at Dubai-based Richcomm Global Services, told Emirates 247.com.
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