Highly unlikely, is the sensible answer.
The UAE dirham, which has been pegged to the US dollar at a rate of since 3.6725 since 1997, has the full faith and wallet of the state of Abu Dhabi behind it.
With Abu Dhabi estimated to have billions of dollars of foreign currency reserves, and around 9 per cent of the world’s proven oil reserves, the emirate looks the last sovereign entity likely to be forced into an embarrassing devaluation.
But the market appears to disagree. United Arab Emirates one year currency forwards, which can be used by traders to take bets on the future direction of currencies, hit the highest level since February on Monday.
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