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In Saudi Arabia, where the currency has been fixed at about the same rate for 28 years, even the tiniest swings in the futures market reflect concern the peg will be broken.The riyal traded at 3.754 per dollar last week, after reaching 3.7546 per dollar on Dec. 18, the weakest since February 2009 .Oil tumbled 75 percent in five months to about $37 a barrel in December 2008, while the dollar jumped 24 percent. By October 2008, the riyal fell to a record 3.7751 per dollar. The riyal started to stabilize at about 3.75 per dollar by March 2009 after the Saudi central bank spent $32 billion of its reserves in four months, reducing them to $416 billion. Since September 2009, rising oil prices allowed the country to boost foreign reserves by 93 percent.
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