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The Saudi Riyal is at its lowest level since June 2017
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The Saudi Riyal is at its lowest level since June 2017
by RamblerNash Mon Oct 15, 2018 12:32 pm
The Saudi Riyal is at its lowest level since June 2017
Monday, October 15,
Al-Sumeria News / Baghdad
The price of Saudi Riyal reached 3.7514 US dollars in the spot market during early trading today, the weakest level since June 2017, according to data ReveveTiv where the Kingdom is under pressure because of the disappearance of journalist Jamal Khashoggi , according to Reuters .
The Saudi central bank ties the currency at 3.75 riyals to the dollar and often moves the currency between 3.7498 and 3.7503.
Saudi financial markets have been under pressure in the past few days as US President Donald Trump threatened to punish Riyadh if Khashoggi was found dead in Istanbul's consulate in Istanbul, Turkish authorities say. The stock market plunged 3.5 percent on Sunday.
Although the riyal is unusual, it is less than previous waves of instability in recent years, such as in November 2015, when oil prices plunged to 3.7598 riyals against the dollar.
Futures in currency markets, used by banks to hedge against possible future exchange rate movements, have put moderate pressure on the riyal early in the day.
The dollar also rose 74 points against the riyal, the highest level in eight months from 54 points on Friday. In 2016 it briefly rose above 1,000 points.
LINK
Monday, October 15,
Al-Sumeria News / Baghdad
The price of Saudi Riyal reached 3.7514 US dollars in the spot market during early trading today, the weakest level since June 2017, according to data ReveveTiv where the Kingdom is under pressure because of the disappearance of journalist Jamal Khashoggi , according to Reuters .
The Saudi central bank ties the currency at 3.75 riyals to the dollar and often moves the currency between 3.7498 and 3.7503.
Saudi financial markets have been under pressure in the past few days as US President Donald Trump threatened to punish Riyadh if Khashoggi was found dead in Istanbul's consulate in Istanbul, Turkish authorities say. The stock market plunged 3.5 percent on Sunday.
Although the riyal is unusual, it is less than previous waves of instability in recent years, such as in November 2015, when oil prices plunged to 3.7598 riyals against the dollar.
Futures in currency markets, used by banks to hedge against possible future exchange rate movements, have put moderate pressure on the riyal early in the day.
The dollar also rose 74 points against the riyal, the highest level in eight months from 54 points on Friday. In 2016 it briefly rose above 1,000 points.
LINK
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