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Sat, 21 Nov 2009 | 08:20 GMT
 

Qatar: Riyal gains against euro

 The Peninsula
 
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31 August 2004
Doha: The Qatari riyal (QR) has gained against euro with the exchange rate coming down to QR4.38 yesterday from QR4.50 per euro. Forex operators attributed the rise in QR's value to a sudden surge in dollar due to declining oil prices in the international markets.

Demand for the European common currency was high during the summer season as a lot of people went to the European countries for spending their vacation, forex operators said. "The demand for euro was more this year than last year," said a currency trader.

QR also showed a gain against the Indian rupee with the exchange rate coming down from Rs12.69 per QR to Rs12.72 yesterday.

Large oil imports by India were described by forex operators as a major reason for a weakening rupee.

The currency is being protected by the central bank against further decline vis-à-vis the greenback.

India's forex exchange reserves also declined due to large oil bills and dipping value of the rupee. FE reserves have fallen to $118bn from over $120bn last week, currency traders said.

© The Peninsula 2004

 
 
 
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