The Kuwaiti dinar fell against the U.S. dollar in the forward market on Tuesday and Kuwaiti stocks plunged as officials announced that the ruling Emir Sheikh Sabah al-Ahmad al-Sabah had died.
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| FILE PHOTO: Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah addresses a joint news conference with U.S. President Donald Trump in the East Room of the White House in Washington, U.S., September 7, 2017. REUTERS/Kevin Lamarque |
Sheikh Sabah, 91, had ruled the oil-producing Gulf Arab country since 2006. His designated successor is his brother, Crown Prince Sheikh Nawaf al-Ahmad al-Sabah.
Kuwaiti stocks were hit hard on Tuesday with the benchmark premier index .BKP retreating 2.2%, its biggest intraday fall since April, ahead of the official announcement of the emir's death.
Three-month dollar/Kuwaiti dinar forwards jumped as high as 84 points, a nearly four-month high, according to Refinitiv data.
Kuwait’s outstanding U.S. dollar-denominated bonds, however, were relatively stable.
Kuwaiti stocks were hit hard on Tuesday with the benchmark premier index .BKP retreating 2.2%, its biggest intraday fall since April, ahead of the official announcement of the emir's death.
Three-month dollar/Kuwaiti dinar forwards jumped as high as 84 points, a nearly four-month high, according to Refinitiv data.
Kuwait’s outstanding U.S. dollar-denominated bonds, however, were relatively stable.
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