Lebanese Pound Nudges Higher to Snap Losing Streak

  • Economics
Lebanese Pound Nudges Higher to Snap Losing Streak

The Lebanese pound rose on the black market Friday, trading at LL16,850 to the dollar, ending a six-day losing streak.

Exchange dealers said they were buying the greenback for LL16,800 and selling it for LL16,900, compared to LL17,400-LL17,500 Thursday.

The pound's respite came after Lebanon named members of its team to conduct negotiations with the International Monetary Fund, whose support the country desperately needs to alleviate a crisis that has pushed millions into poverty.

Source: The Daily Star