The Central Bank of Kuwait ( CBK) on Sunday slightly lowered the value of the Kuwaiti dinar against the U.S. dollar, by around 0.16 percent, after the dollar's rise against main foreign currencies in the past two days.

In a statement posted on its website, the CBK said the exchange rate for the dinar is now 282.40 fils to the dollar. The previous figure was 281.95 fils to the dollar.

Director General of Al-Muzaini Exchange Company Jamal Zayed said CBK's decision to adjust the dinar price was due to the rise of the dollar exchange value in international markets, KUNA news agency reported.

Whether the dollar rises or decreases, it will always have an effect on the value of the Kuwaiti dinar, and the CBK's policy aims at protecting the dinar from any change in the currency market, he said.

Four days ago, the CBK had raised the value of the Kuwaiti dinar by 1.7 percent in response to a drop of the value of the U.S. dollar.

On May 20, Kuwait announced to peg the Kuwaiti dinar with a basket of main currencies instead of the dollar alone in a move to avoid inflation.