USD rate stable at KD 0.281

Exchange rate of the US dollar stood at 0.281 Kuwaiti Dinar (KD), and the Euro was up to KD 0.369, compared to Thursday's figures, said the Central Bank of Kuwait (CBK) on Sunday. The exchange rate of Sterling pound stood at KD 0.454, while Japanese yen remained unchanged at KD 0.003 and the Swiss franc was up to KD 0.306. The United States economy ended the week, with a torrent of economic data, while investors focused on the meeting of the Federal Open Market Committee (FOMC) on interest rates, where the Federal Reserve approved initiation of a fourth round of quantitative easing plans, in addition to stabilizing interest rates. Meanwhile, the US economy is approaching the "fiscal cliff" scenario in absence of a consensus between the decision makers on best avenues for tackling the budget deficit. As to the euro zone conditions, the most important decision of the European Summit was the one regarding supervision of European Central Bank (ECB) on banks in the euro zone. ECB will start to supervise 150-200 banks as a starting step on path of resolving the European sovereign debt crisis.