The Egyptian pound has climbed to its highest value against the U.S. dollar since November 2024, reigniting debate among investors and economists over whether the rally is sustainable. As of Thursday, 24 July, the pound was trading near EGP 49 per dollar, rebounding sharply from levels above EGP 51 just weeks earlier. As capital moves into emerging markets and select European economies, the Egyptian pound has emerged as a surprising beneficiary. Kuwait is in advanced talks with Egypt to convert USD 4 billion (EGP 196.24 billion) in central bank-held deposits into direct investments. Despite its recent appreciation, the Egyptian pound remains significantly undervalued by approximately 57.9 percent, according to the Raw Index.