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The US dollar rose against the Saudi riyal in the forwards market on Wednesday after oil prices slumped.

One-year dollar/riyal forwards rose as high as 264.3 points, their highest 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.

Copyright Reuters, 2020

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