June 9, 2017 / 7:42 AM / a year ago

Qatar riyal falls further versus dollar in offshore forwards market

DUBAI, June 9 (Reuters) - Qatar’s riyal fell further against the U.S. dollar in the offshore forwards market early on Friday because of concern about capital outflows due to the diplomatic crisis hitting the country.

One-year dollar/riyal forwards rose as high as 630 points, their highest level since December 2015, when a plunge of oil and gas prices caused concern about the viability of Gulf economies. In that month, the forwards peaked at 650 points.

Five-year Qatar credit default swaps, used to hedge against the risk of a Qatari sovereign debt default, rose to 93.6 points from 90.1 late on Thursday. (Reporting by Andrew Torchia; Editing by Andrew Heavens)

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