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Tuesday, 13 June 2017

Qatari riyal touches fresh low as pressure on peg grows

Qatari riyal touches fresh low as pressure on peg grows:

"Pressure on Qatar’s currency peg grew as the diplomatic crisis with its Gulf neighbours entered its second week, with the riyal falling to new 19-year lows despite the government’s public commitment to defending the exchange rate. Qatar’s central bank attempts to keep the riyal fixed in an extremely narrow range around QR3.64 per dollar, but a Saudi-led blockade of the kingdom has prompted speculation that the bank will be forced to weaken the currency. Ali Shareef Al Emadi, Qatar’s finance minister, told CNBC at the start of the week that “I don’t think there is any reason that people need to be concerned about what’s happening or any speculation on the Qatari riyal”, but his reassurances have done little to ease the pressure."



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