BEIRUT: The Lebanese pound ticked slightly higher against the dollar Tuesday, trading at LL8,850 on the black market, as a political stalemate and the COVID-19 pandemic kept the national currency under pressure.

Exchange dealers were selling the dollar for LL8,900 and buying it for LL8,800, compared to LL8,950-LL8,850 Monday. The dollar has traded for the past two weeks largely within a band of LL8,900-LL8,700.

While currency traders said the demand for the greenback declined as the country went under a stringent lockdown Thursday, set to last until Jan. 25, speculation that the deadlock over formation of a new government was set to last weeks if not months meant pressure on the pound would continue.

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