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Sudanese pound hits new low against U.S. dollar

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October 20, 2019 (KHARTOUM) - The U.S. dollar reached a new peak on Sunday against the Sudanese pound, hitting a record of 75 pounds.

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U.S. dollar notes (Reuters/Athit Perawongmetha Photo)

The historic fall of the Sudanese pound against the dollar comes as the new transitional government failed to draw international financial and economic support to the country’s ailing economy.

Dealers in the parallel market who spoke to "Sudan Tribune said that the market closed on Sunday evening at the selling rate? of the US dollar was at 75 pounds while the buying rate at 74 pounds.

Traders attributed the rise to the increasing demand against the tight supply in hard currency.

One of the traders told Sudan Tribune under the cover of anonymity that traders’ fear of a decline in dollar prices pushed them to increase prices in the presence of large demand.

He pointed out that the increasing demand is mainly from importers and form people seeking to travel abroad for treatment.

For his part, banking analyst Mohamed Abdel Rahman said that the rise in foreign exchange rates is due to lack of improvement in the economic indicators in addition to the decline in exports.

"Even most of the export revenues are earned from good smuggling," he said before to add that "There may be an impact on the hard currency market of a reversal of the lamb’s export to Saudi Arabia" as Sudan recently declared the Rift Valley Fever outbreak in the country.

He pointed out that the high rate of inflation in Sudan is one of the factors that have a major impact on the value of the pound.

Last week’s dollar trading ended at 73 pounds for sale against 72.5 pounds for purchase.

(ST)

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