Kuwait: Kuwait's central bank allowed the dinar to appreciate on Sunday for the second time in a week, taking the currency to at least an 18-year high against a tumbling US dollar.
The dinar will trade up 0.11 per cent around a midpoint of 0.28170 per dollar compared with 0.28200 on Thursday, the central bank said, the strongest since at least January 1989, according to Reuters data.
The currency of the Middle East's fourth-largest oil exporter has now risen 2.64 per cent since May 19, a day before the central bank dropped its peg to the weakening dollar andadopted a basket of currencies. Kuwait has declined to give the composition of the basket.
The dollar tumbled on Friday, hitting two-year lows versus the Swiss franc as fears about losses in the US credit sector intensified.
');
The US currency declined to a record low last month against the euro in which Kuwait pays for more than a third of its imports.
"I expect the dinar, adjusted on a regular basis, to reflect the dollar's performance against major currencies," said Simon Williams, Middle East economist at HSBC.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment