US dollar down by 35 piasters in black market

The exchange rate of the US dollar in the parallel (black) market declined by 35 piasters to hit EGP 10.75.

The decline comes following an announcement by the Central Bank of Egypt about a record increase of $0.5 billion in foreign reserves to surpass $17 billion for the first time in a year.

Dollar sales rose since Wednesday after the CBE announcement with more measures expected to be taken against foreign exchange companies manipulating the exchange market, bankers told MENA.

The CBE had announced striking off 15 foreign exchange companies from the market after proven evidence that they had manipulated and speculated the US dollar.