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Dollar Jumps vs Saudi Riyal in Forwards Market on Oil Slump

LONDON, April 22 (Reuters) - The U.S. dollar rose against the Saudi riyal in the forwards market on Wednesday after oil prices slumped with Brent crude futures dropping to the lowest in more than two decades on collapsing demand caused by the novel coronavirus.

One-year dollar/riyal forwards rose as high as 264.3 points, their highest level since November 2017, Refinitiv data showed.

The Saudi riyal is pegged at 3.75 to the dollar in the spot market, so banks often use the forwards market to hedge against risks. (Reporting by Karin Strohecker, Editing by Maiya Keidan)

Source: Reuters

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