At 16:00 Beirut time, the Euro was quoted at €/$ 1.0920, the equivalent of €/LBP 1,646.19, appreciating by 0.27% against the US Dollar.
Although the Fed assured the US economy is on the right track, it decided to keep interest rates unchanged. The decision compelled the dollar to lose ground against the euro today.
Locally, the Lebanese Pound depreciated against the Dollar going from $/LP 1,510.5-1,514.5 with a mid-price of $/LP 1,512.5 to $/LP 1,513.5-1,514.25 with a mid-price of $/LP 1,513.88.
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 registered a 0.31% downtick to 168.90 points today.