Currency depreciation hits parallel market traders with unprecedented losses

A number of currency traders in Sudan have incurred significant losses following the sharp decline in exchange rates on the parallel market. This comes just days after an unprecedented surge that had prompted many to buy large quantities of foreign currencies for speculative purposes.

Informed sources told Sudan Pulse that some traders incurred heavy losses, while others refrained from selling in anticipation of any further price movements.

The parallel market witnessed a significant decline in most foreign currency prices on Saturday, amid a state of extreme anticipation and caution among traders and speculators.

Traders confirmed that the dollar traded between 2,800 and 2,900 pounds, compared to higher levels in previous days.

Meanwhile, the Saudi riyal traded between 773 and 800 pounds, and the Emirati dirham traded between 790 and 817 pounds, after recently exceeding the 878 pound barrier.

The Egyptian pound was recorded at between 61 and 63 Sudanese pounds, compared to 65 during the past few days.