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Dinar sees third appreciation in a week

Kuwait's central bank allowed the dinar to appreciate 0.09% against the dollar on Monday after the greenback tumbled against other currencies.

The dinar will trade around a mid point of 0.28145 per dollar compared with 0.28170 on Sunday, the central bank said, its third appreciation in a week.
The currency of the Middle East's fourth-largest oil exporter has now risen 2.73% since May 19, a day before
the central bank dropped its peg to the weakening dollar and adopted a basket of currencies. Kuwait has declined to give the composition of the basket.

The central bank says the dollar's decline on global markets is driving up inflation and making some imports more expensive. The US currency hit a record low last month against the euro in which Kuwait pays for more than a third of its imports.

The dollar tumbled to a four-month low against the yen in Asian trading on Monday and extended losses against the Swiss franc. The euro rose around 0.25% to $1.3809. It rose as high as $1.3840, nearing the record of $1.3853.

Central Bank Governor Sheikh Salem Abdul-Aziz al-Sabah said on July 29 the basket gave the bank flexibility to track moves on global foreign exchange markets, state news agency KUNA reported.

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