Revenue Financial Services data showed that the Saudi riyal fell sharply against the dollar in the futures market with the decline in oil prices today, Monday.
Oil prices are heading today to record the largest daily loss since the Gulf War in 1991, and lost more than a quarter of its value after Saudi Arabia reduced the official price of its raw materials in the market, where demand has already been affected by the impact of the outbreak of the emerging Corona virus.
Dollar futures for the one-year riyal hit 85 points today, up from Friday's close of ten points.
It had recorded a high level at 182.5 points, surpassing the high level of 181.3 points at the end of 2018.
The Saudi riyal is pegged to the dollar at 3.75 on the spot market, so banks resort to the futures market to hedge in the face of risk.
Russian ruble
On Monday, the ruble exchange rate fell to its lowest value against the US dollar since March 2016 and reached the level of 75 rubles per dollar. With the exchange rate of the ruble against the euro fell to 86 rubles against the euro on the back of falling oil futures prices by 20%.
The Russian Central Bank announced the suspension of its dollar and euro purchases for a month, as part of the process of implementing the state's budget mechanism, and this decision was taken to increase the predictability of monetary authorities and reduce the fluctuations of financial markets in the face of major changes in the global oil market.
This decision included regular purchases of foreign currency, and implementation of deferred purchases in 2018.
The Finance Ministry recommended selling additional amounts of euros and dollars on the Russian market to rebalance the exchange rate of the Russian ruble.
Meanwhile, the dollar fell against the euro and the yen, coinciding with a drop in oil prices by 30%, after Saudi Arabia surprised the markets by pledging to reduce the price of crude and increase production after the collapse of OPEC's agreement to reduce supplies, following fears of the spread of the Corona virus.