The Egyptian pound dropped to its lowest level in five and a half years, after falling 0.05% during Monday’s trade.
Refinitiv data showed that the pound traded 18.91 to the dollar, down from 18.81 pounds on Sunday.
The last time the currency reached that level was on January 24, 2017.
Egypt's central bank raised its key interest rates by 100 basis points in an exceptional monetary policy committee meeting on March 21.
The pound has been affected by an increased demand for dollars by importers. Indirect foreign investments have been pulling out of the country after the US Federal Reserve raised interest rates.
Cairo is facing a number of economic and social challenges.
Its tourism sector has been affected by Russia’s war on Ukraine. Russian and Ukrainian tourists account for almost a third of total of visitors.
This coincided with the surge in global energy and food prices, which are the drivers of inflation in the country.
Separately, Egypt’s General Authority for Supply Commodities (GASC) announced a tender to receive imported wheat from five countries: the United States, Canada, Australia, Argentina, and Brazil.
The opening session of the tender will take place on Tuesday, while the deciding session will be held on July 20, the authority said.
Importers can submit their offers based on cost and freight (C&F), as well as paying with 180-day suppliers facilities, it added.
The shipments will be charged in four periods from September 16 to 30, October 1 to 15, October 16 to 31, and November 1 to 15.
Bidders can apply for all or one of the shipping periods, the GASC noted.
