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Saudi riyal at 21-year high against $

The Saudi riyal rose to a fresh 21-year high against the dollar on Tuesday on continued speculation that Riyadh will soon revalue its currency.

  • Agencies
  • Published: 13:21 September 25, 2007
  • Gulf News

London: The Saudi riyal rose to a fresh 21-year high against the dollar on Tuesday on continued speculation that Riyadh will soon revalue its currency.

The Saudi central bank told Reuters last week it will not follow the US Federal Reserve's decision to cut interest rates, fueling speculation the world's largest oil exporter might abandon its currency peg.

This speculation pushed the US dollar down to 3.7366 riyals on Tuesday, according to Reuters data, its lowest since December 1986.

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