Qatari riyal fell on Wednesday to an 11-year low of 3.6517 to the dollar on the spot market. Because of the worries about the economic impact on Qatar after major Arab countries cut ties with Doha.
The dollar’s selling price hit Tuesday at 3.6470 riyals on the spot market. The lowest level since June 2016. According to Thomson Reuters data.
The central bank in Doha links the Qatari riyal at 3.64 riyals to the dollar and allows for limited volatility around this level.
Saudi Arabia, Egypt, the United Arab Emirates, Bahrain and other countries cut off diplomatic ties with Qatar in a coordinated move.
These measures have been taken against Qatar, because Doha continues to support “terrorist and sectarian groups” and to cooperate with Iran.