At 12:30 Beirut time, the Euro was quoted at €/$ 1.0829, the equivalent of €/LBP 1,630.96, depreciating against the US Dollar by 0.07%.
The Dollar appreciated against the Euro after the US Federal Reserve finally confirmed its 25 basis point-hike in interest rates. Furthermore, the single European currency also worsened due to better than expected jobless claims in the US.
Locally, the Lebanese Pound appreciated versus the Dollar from a quote of $/LP 1,510.5-1,514.5 with a mid-price of $/LP 1,512.5 to $/LP 1,510-1,514 with a mid-price of $/LP 1,512.
Compared to the pool of currencies of Lebanon’s major trading partners, the purchasing power of the Lebanese Pound increased as reflected by the NEER, published by BLOMINVEST, which gained 0.57% to 174.64 points today.