Qatari currency fall in the spot and futures markets against the dollar

Qatari currency fall in the spot and futures markets against the dollar



06/07/2017 12:00

Capitals / follow-up to the morning
It fell Qatari Riyal against the US dollar in the spot and futures markets on Tuesday due to concerns about the economic impact on Qatar in the long term, while some of the Sri Lankan banks stopped buying the Qatari riyal, saying their counterparts in Singapore, advised her not to accept the Qatari currency after prominent Arab countries cut off relations with Doha.
The total sale price of the dollar 3.6470 riyals in the spot market, the lowest level since June 2016 according to the data , "Thomson Reuters".
It connects the central bank in Doha , the Qatari riyal at 3.64 riyals per dollar, and allows limited fluctuations around this level.
It was trading futures contracts in the maturity of the dollar against the riyal low 275 points, compared with Monday 's close of 250 points and levels at around 180 basis points before the outbreak of the diplomatic crisis.
The futures involve one year maturity to reduce the value of the rial, including at least one percent over the next twelve months.
For his part , Qatar Central Bank official said , "Reuters:" The decline in the Qatari riyal against the US dollar in the spot and futures markets is due to speculation and that Qatar has a huge foreign exchange could be used to support its currency reserves.
The official , who asked not to be named: The central bank is watching the financial sector closely and will provide additional liquidity if the market needed it.
In the same context , some of the Sri Lankan banks stopped buying the Qatari riyal Tuesday, saying their counterparts in Singapore advised her not to accept the Qatari currency, a day after the biggest cut ties with Doha Arab powers.
Cut off Saudi Arabia, Egypt, Bahrain and the UAE diplomatic relations with Qatar, in a move coordinated, because of ( the continuation of the Doha with the support of "terrorist and sectarian groups" and cooperation with Iran).
Traders were reported in four private banks told Reuters they stopped buying the Qatari riyal, said a senior trader in the currency in one of these banks: "Banks in Singapore have asked us not to buy the Qatari Riyal."
A trader from a government bank, said that the dealers are waiting for the central bank 's guidance on the Qatari Riyal. The bank buys the riyal against the Sri Lankan rupees 39.09 previously, compared with 39.40 at the close Monday.
"There is a modification of the (price) Qatari Riyal stopped after some banks buy it."
He denied the Central Bank of Sri Lanka in a statement that banks have been told "not to accept the Qatari Riyal", as reported by some local media.
Officials at the airport in the country , the president told Reuters that passengers had complained that the banks at the airport stopped buying the Qatari Riyal.
The central bank data showed that between about 50 and 60 thousand Sri Lankans left in each year of the past two years to work in Qatar.

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