PHOTO
Image used for illustrative purpose A man counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020.
BEIRUT: The Lebanese pound marginally rose against the US dollar on the black market Wednesday, trading at LL13,300, after statements by Saudi Arabias ambassador to Lebanon Tuesday reiterated Saudis support for the crises-stricken country and urged the swift formation of a new government.
Exchange dealers were selling the dollar for LL13,400 and buying it for LL13,200 Wednesday morning.
The pound fell to LL14,000 Tuesday from an average of LL11,500 last week, after the president and prime minister-designate failed to make any progress over the Cabinet formation in a meeting that ended in unmoved opposing stances.
The pound hit a record low of LL15,100 to the greenback last week as Lebanon, where over 60 percent of the population now lives in poverty, faces multiple crises at once.
The pound has lost nearly 90 percent of its value since October 2019, sparking a wave of nationwide protests and road closures, albeit often times interrupted, especially at the onset of the COVID-19 pandemic.
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