A Saudi banker displays the new 100 riyal banknote bearing the portrait of Saudi King Abdullah bin Abdul-Aziz al-Saud. AFP PHOTO/HASSAN AMMAR
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The Saudi riyal has moved back to very near its peg against the U.S. dollar in the spot market after a recovery in local equity prices reduced fund outflows, traders said.The Saudi central bank maintains a peg of 3.75 against the dollar and in the previous several years, the rate had never moved beyond 3.7510 .Foreign and Gulf investors in Saudi equities moved some of their money out of the country, putting unusually heavy pressure on the riyal spot rate.The Saudi stock index has jumped 11 percent in the past two weeks.
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