Lebanese pound gains against dollar for second day

Black market currency changers were selling the dollar at LL7,450 and buying it for LL7,350

  
A money exchange vendor counts Lebanese pound banknotes at a currency exchange shop in Beirut, Lebanon June 17, 2020.

A money exchange vendor counts Lebanese pound banknotes at a currency exchange shop in Beirut, Lebanon June 17, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound rose against the dollar on the black market for a second straight day Wednesday, trading at around LL7,400 over a week after a blast at Beirut Port put the international spotlight on Lebanon.

Black market currency changers were selling the dollar at LL7,450 and buying it for LL7,350. On Tuesday the dollar was trading for around LL7,650.

Licensed exchange dealers were selling at LL3,900 and buying at LL3,850 to the dollar.

An international donor conference Sunday raised nearly 300 million dollars in short-term aid to Lebanon after the massive explosion at Beirut Port damaged large swathes of the capital last week. The conference was attended by leaders of major states who promised Lebanon long-term support.

It is hoped that the inflow of dollars can raise the value of the Lebanese pound which has lost roughly 80 percent of its value since last year.

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