Lebanese pound rises against dollar after slight drop

Black market exchangers were selling the dollar at around LL7,700 and buying it for LL7,500

  
A money exchange vendor displays Lebanese pound banknotes at his shop in Beirut, Lebanon, August 16, 2018.

A money exchange vendor displays Lebanese pound banknotes at his shop in Beirut, Lebanon, August 16, 2018.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound rose against the dollar on the black market Wednesday, trading at around LL7,600, after dropping slightly the day before.

Black market exchangers were selling the dollar at around LL7,700 and buying it for LL7,500.

Banque Du Liban Wednesday set the rate on the Sayrafa electronic platform for licensed exchangers at LL3,850 for buying dollars and LL3,900 for selling the greenback.

The pound has lost around 80 percent of its value, dramatically decreasing the purchasing power of many Lebanese.

Copyright © 2020, The Daily Star. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Currencies