Dirham forward contracts hit record
United Arab Emirates: Wednesday, March 19 - 2008 at 08:59
Forward contracts to buy UAE dirhams in 12 months time rose to a record today on Tuesday amidst expectation that the US Federal Reserve would slash interest rates, reported Bloomberg. Dirham forwards rose 0.03% to 3.56 to the dollar, a 3% premium on the spot price of 3.6712 at 12.45 p.m. in Dubai.
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Jeff Florian, Senior ReporterWednesday, March 19 - 2008 at 08:59 UAE local time (GMT+4)
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