At 11:30 Beirut time, the Euro was quoted at $/€ 1.1227, the equivalent of €/LBP 1,692.47, depreciating against the US Dollar by 0.14% from Monday’s close.
The Euro has been on a bearish trend versus the Dollar ever since some Fed members made assurances that interest rates will be hiked by the turn of the year, coupled with more talks of extending the European Central bank’s quantitative strategy. In addition, the single European currency had dipped slightly the past two days due to higher than expected U.S. GDP figures.
Locally, the Lebanese Pound steadied versus the Dollar at LP/$ 1,508-1,512 with a mid-price of LP/$ 1,510.
Compared to the pool of currencies of Lebanon’s major trading partners, the purchasing power of the Lebanese pound decreased as reflected by the NEER, published by BLOMINVEST, which down ticked by 0.07% to 167.26 today.
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