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Friday, 23 June 2017

Pressure on Qatari currency rises after Saudi-led demands

Pressure on Qatari currency rises after Saudi-led demands:

"Pressure on Qatar’s currency peg heightened on Friday after the Arab states leading a blockade against the kingdom outlined a list of demands that observers said are unlikely to be met, raising the prospect of an extended diplomatic deadlock. The Qatar Central Bank attempts to keep the riyal fixed in an extremely narrow range around 3.64 per dollar, but at publication time the currency was trading at 3.7450 per dollar, having weakened as far as 3.7623 earlier in the morning, according to Bloomberg data. That is its weakest level on record according to Bloomberg data going back to 1988. The central bank has massive foreign exchange reserves and has stated its commitment to supporting the currency in the long term, even if the low liquidity in spot markets means some institutions are trading the riyal outside its normal range."



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