The Saudi riyal fell sharply against the US dollar in the forwards market on Monday as oil prices plunged, Refinitiv data showed. One-year dollar/riyal forwards, which are trades scheduled to take place 12 months from now, were at 85 points on Monday, up from Friday's close of 10 points. They hit as high as 182.5 points, topping a high of 181.3 at the end of 2018.

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. Oil prices were set for their biggest daily rout since the first Gulf War on Monday, losing more than a quarter of their value after Saudi Arabia slashed its official prices in a market where demand was already hit by the impact of the new coronavirus outbreak.