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The Qatari Riyal is falling against the dollar in the spot and forward markets
economy Since 2017-06-06 at 12:52 (Baghdad time)
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The Qatari riyal fell against the US dollar in the spot and forward markets on Tuesday on concerns over the long-term economic impact on Qatar after Saudi Arabia and the United Arab Emirates cut ties with them.
The dollar sold 3.6470 riyals on the spot market, the lowest level since June 2016, according to Thomson Reuters data. The central bank links the Qatari riyal at 3.64 riyals to the dollar and allows for limited fluctuations around this level.
The futures contract traded for the dollar against the riyal, down 275 points, compared with the close of Monday's 250 points and levels at about 180 basis points before the outbreak of the diplomatic crisis.
The new levels do not yet indicate great pressure to reduce the value of the riyal from the level of peg to the dollar. Futures have a one-year maturity to reduce the value of the riyal by less than 1 percent over the next 12 months.
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economy Since 2017-06-06 at 12:52 (Baghdad time)
Follow Mawazine News
The Qatari riyal fell against the US dollar in the spot and forward markets on Tuesday on concerns over the long-term economic impact on Qatar after Saudi Arabia and the United Arab Emirates cut ties with them.
The dollar sold 3.6470 riyals on the spot market, the lowest level since June 2016, according to Thomson Reuters data. The central bank links the Qatari riyal at 3.64 riyals to the dollar and allows for limited fluctuations around this level.
The futures contract traded for the dollar against the riyal, down 275 points, compared with the close of Monday's 250 points and levels at about 180 basis points before the outbreak of the diplomatic crisis.
The new levels do not yet indicate great pressure to reduce the value of the riyal from the level of peg to the dollar. Futures have a one-year maturity to reduce the value of the riyal by less than 1 percent over the next 12 months.
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