Local

Lebanese pound snaps losing streak, up against dollar

A man counts Lebanese pounds at an exchange office in Beirut, Oct. 1, 2020. (The Daily Star/Mohamad Azakir)

BEIRUT: The Lebanese pound snapped a three-day losing streak Friday, trading at 15,850 to the dollar on the black market, exchange dealers said.

Dealers said they were buying the greenback for LL15,800 and selling it for LL15,900 on Friday, compared to LL16,400 Thursday.

The pound has lost 90 percent of its value since 2019, leading to shortages of fuel, food, and medicine, while pushing over 70 percent of the population into poverty.

 

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