LONDON - Egypt's sovereign dollar bonds rallied higher on Friday, following a surprise interest rate hike the previous day.

Longer-dated maturities gained the most, with the 2048 rising by up to 1.4 cents, Tradeweb data showed. Bonds maturing 2040 and beyond gained 1 cent or more, but the shorter-dated maturities up until 2031 rose between 0.5-0.9 cents.

Egypt's central bank raised overnight interest rates by 100 basis points on Thursday in a surprise move, saying it sought to contain inflationary pressures and anchor inflation expectations.

(Reporting By Libby George, editing by Karin Strohecker)