“Brexit” Fears Weighed on The European Currency on Wednesday

At 11:25 Beirut time, the Euro was quoted at €/$ 1.0983, the equivalent of €/LBP 1,655.69, depreciating by 0.31% against the US Dollar. The risk of a potential exit of the United Kingdom from the European Union (EU) caused the European currency to lose momentum as the decision might encourage other members to renegotiate their relationship with the EU.

Locally, the Lebanese Pound steadied against the Dollar standing at $/LP 1,513.75-1,514.25 with a mid-price of $/LP 1,514.

Compared to the pool of currencies of Lebanon’s major trading partners, the purchasing power of the Lebanese Pound appreciated as reflected by the NEER, published by BLOMINVEST, which registered a 0.08% uptick to 168.71 points today.

“Brexit” Fears Weighed on The European Currency on Wednesday

Date: 24 February 2016

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