Sudanese pound weakens over high USD demand

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May 19, 2021 (KHARTOUM) – The local currency in Sudan continued to tumble against major currencies in Wednesday’s trading amid scarce supply and increased demand, as banks sought to catch up with the black market by adjusting exchange rates downward.

The parallel markets witnessed a remarkable decline in their trading vines in conjunction with the Paris conference on Sudan, which resulted in pledges of debt relief.

According to traders who spoke to the Sudan Tribune on Wednesday, one dollar was traded at 415-420 pounds while the selling price of the UAE dirham was 114 pounds, the Saudi riyal 111, and the Euro 490 pounds.

Meanwhile, foreign exchange rates in banks soared to reduce parity with the parallel markets.

The selling price of the dollar at some banks reached 412 pounds, while the selling price of the Emirati dirham reached 112 pounds, and the selling price of the Saudi riyal was 109.87 pounds.

A dealer reported an increase in the volume of speculation in the markets after the end of the Paris conference, which led to an increase in the demand for foreign currencies, expecting a further increase in the coming days.

(ST)

Source: sudantribune