Other Gulf currency forwards are also pricing in larger appreciations after Central Bank Governor Sultan Nasser Al Suweidi’s remarks in Tokyo. Yesterday one-year dirham forwards were -830, indicating an appreciation of 2. The UAE has ruled out following the example of Kuwait, which broke ranks with its neighbours in May and switched its peg from the dollar to currency basket, saying dollar weakness was fuelling inflation by making some imports more expensive. Qatar riyal forwards also widened to -452 for one year and -663 for two years yesterday, signalling markets expected an appreciation of 1. One-year Saudi riyal forwards were -430, meaning traders see a 1. read more
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