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Dinar remains unchanged against dollar

Kuwait's central bank kept the dinar reference rate against the dollar unchanged on Monday after letting the currency depreciate for three consecutive trading days.

The dinar will trade around a mid point of 0.28180 per dollar, the central bank said.
The currency of the Middle East's fourth-largest oil exporter has now risen 2.60 percent 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.

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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