At 16:03 Beirut time, the Euro was quoted at €/$ 1.0857, the equivalent of €/LBP 1,636.69, depreciating by 0.73% against the US Dollar.
Although inflation in the Eurozone improved by an annual 0.4% in January, the euro did not gain ground against the dollar. In fact, inflation remains well below the European Central Bank’s target of just under 2%.
Locally, the Lebanese Pound depreciated against the Dollar going from $/LP 1,513.5-1,514.25 with a mid-price of $/LP 1,513.88 to $/LP 1,513-1,514 with a mid-price of $/LP 1,513.50.
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 registered a 0.15% uptick to 169.15 points today.