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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 413.19

+1.1%

4:00 PM EST

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To: TobagoJack who wrote (23106)	9/26/2007 7:29:38 AM
From: elmatador	of 219043

The UAE dirham held near a five-year high yesterday as speculation Saudi Arabia might revalue its currency spilled over into other Gulf oil producers that also peg their currencies to the dollar. Dirham bids were as strong as 3.6685 per dollar, the strongest since November 2002. The spot rate was 3.6702. Saudi Arabia's riyal surged to 21-year high against the dollar on Friday after the world's largest oil exporter said it would hold back from matching Tuesday's 60 basis point US interest rate cut to 4.75 per cent. Saudi Arabia, the UAE, Qatar, Oman and Bahrain peg their currencies to the dollar, while Kuwait uses a basket of which the dollar is the largest component. "There is a lot of uncertainty in the market about whether Saudi Arabia will revalue or not," said Mohamed Dameer, a currency dealer at Abu Dhabi Islamic Bank. "This is spilling over into the dirham." The Qatar riyal was at 3.6367 on Friday, its strongest since July 2004. The spot rate was at 3.6380. Bahrain's dinar traded below the eight-month high it struck on Friday, when bids were as low as 0.37650. The spot rate was 0.37699.

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