USD to Saudi Riyal LIVE RATE

conversion tool allows you to compare the live inter-bank currency rate with competitive travel money exchange rates available within the foreign exchange markets.

USD to Saudi Riyal LIVE RATE

This Dollar to SUADI Riyal conversion tool allows you to compare the live inter-bank currency rate with competitive travel money exchange rates available within the foreign exchange markets.

Exchange rates fluctuate and change daily. You can check the exchange rate for today on this website or in any of our branches.

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

with Brent crude futures dropping to their lowest in more than two decades as the coronavirus pandemic caused demand to collapse.

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.

“While we do not think the (Gulf) pegs will be broken in this cycle, it is hard to see the pressure coming off the pegs in the next few weeks,”

the Dutch bank ING said in a research note said.

Meanwhile, Saudi Arabia’s 30-year bonds due in 2047 and 2049 both lost 0.8 cents on Wednesday to trade at 98.9 cents and 104.4 cents respectively.

Those were steeper losses than other Gulf government bonds with similar duration.

Two fund managers said the larger fall may be because Saudi debt is more widely traded. One of them said Saudi bonds shed more because of “further long-term fiscal pressure”.

Saudi riyal

The Saudi Arabian Monetary Authority (SAMA) recently re-affirmed its commitment to its exchange rate policy of pegging the Saudi riyal to the US dollar as a strategic choice.

It indicated that the peg has supported national economic growth in Saudi Arabia for more than three decades.

Furthermore, it confirmed that maintaining the official exchange rate of 3.75 riyals to the dollar

was an anchor of monetary and financial stability.

It also said that the Kingdom’s foreign exchange reserves remain sufficient

to meet all demands of the national economy and cover 43 months of imports and 88 percent of broad money (M3).

One could conclude that the government’s decision to continue with its long-standing policy of pegging its currency

to the greenback at a fixed exchange rate is not based on arbitrary emotional thinking but rather on a strategic national interest.

Moreover, it is also good for the broader commercial trade activities of the country.

This is because it stabilizes the cost of foreign exchange required for any type of trade,

which in turn allows businesses engaging in trade-related activities to fix their costs in advance and accordingly save lots of money.