CBK revalues dinar at USD 0.26560 following dollar recovery -- NBK |
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KUWAIT, July 27 (KUNA) -- The National Bank of Kuwait (NBK)National Bank of Kuwait (NBK)
noted Sunday that the Central Bank of KuwaitCentral Bank of Kuwait revalued the dinar this morning to USD 0.26560, following the recovery of the US dollar last week.
In its weekly monetary report, the NBKNBK said the US dollar recovered heavily across the board last week, as inflationary concerns highlighted the likelihood that the US Federal Reserve might need to act as soon as possible to raise interest rates in order to contain inflation.
It added that the euro touched the highs of USD 1.5944 on Tuesday before testing USD 1.5627 on a string of weak economic data.
The sterling pound managed to test USD 2.0080 levels, but lost ground on a rather weak retail sales figure.
Finally, the Aussie dollar traded near all time highs at the beginning of the week but eased later as the dollar recovered, and the Swiss franc traded between the highs and lows of USD 1.0134 and USD 1.0400 respectively.
The report said oil prices eased to the lows of USD 123.63 per barrel during last week on calming geopolitical tensions and deteriorating demand in the US as a result of high prices and slower economic growth.
And in Europe, it said that after having touched the highs of USD 1.5944 during the week, the euro fell sharply to a two-week low; hit by a stronger dollar and following the release of weaker than expected Euro-zone industrial orders which fell 3.50 percent in May versus a 2.50 percent increase a month earlier, and a 4.40 percent decline compared with 11.70 percent increase last year.
As for Japan, it said the yen fell to a one-month low against the dollar, testing the USD 108.00 level and reaching a fresh all-time low against the euro at 170.00 during the week as the government downgraded its economic outlook for the country.
© Copyright Kuwait News Agency 2008.
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