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Dinar up against dollar, first time in two weeks

Kuwait let the dinar rise on Thursday for the first time in more than two weeks to its highest in 19 years after the dollar slid against a basket of major currencies.

The dinar will trade around a mid point of 0.27380 per dollar, compared with 0.27450 per dollar, the central bank said, allowing an appreciation of 0.26%, the biggest single-day gain since November 21.
The dinar, which was left unchanged for the last two days, is at its highest level since December 1988.

The currency of Kuwait, the Middle East's fourth-largest oil exporter, has risen 5.60% since May 19, a day before the central bank started tracking a basket of currencies. Kuwait has declined to give the composition of the basket.

In late New York trading on Wednesday, the dollar had fallen 0.6% against the euro in thin trade. The European currency is up 9.81% versus the US currency this year.

The greenback also fell 0.51% on the Swiss franc and rose 0.18% versus the yen.

Kuwait's central bank said the dollar's decline on global markets was driving up inflation and making some imports more expensive. Kuwait pays for more than a third of its imports in euros. (Reuters)

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