KUWAIT, Jan 17 (KUNA) -- The exchange rate of the US dollar against the Kuwaiti dinar was unchanged Tuesday at KD 0.279, said the Central Bank of Kuwait (CBK), as the euro rose to KD 0.355 compared to a day earlier.
The CBK bulletin said the pound Sterling against the dinar was KD 0.428 with the Japanese yen unchanged, and the Swiss franc dropping to KD 0.291.
As for the situation in Europe, Italian Prime Minister Mario Monti declared that eurozone countries should sincerely seek to drop loaning expenses or his country's loans in the midst of the lowering of both Italy's and France's credit ratings by Standard Poor's. The event has reignited fears the EU could be facing a recession this year.
As a result of these fears and decision-makers in Europe failing to come up with tangible solutions, the exchange rate of the US dollar rose, with investors heading accross the pond to safer pastures. (end) mfs.sd KUNA 171501 Jan 12NNNN
