June 26, 2018 / 9:04 AM / a year ago

Bahrain dinar hits 17-year low vs dollar as hedge funds sell

DUBAI, June 26 (Reuters) - Bahrain’s dinar fell to a 17-year low of 0.38261 against the dollar in the spot market on Tuesday as hedge funds sold the currency in the forward market because of concern about the country’s rising public debt, bankers in the region said.

The central bank pegs the dinar at 0.376 to the dollar. The bankers said they did not detect any concerted attack on the currency, but a plunge in Bahrain’s international bond prices in recent weeks had fuelled jitters in the foreign exchange market.

Bahrain’s central bank did not immediately respond to a phone call and emails seeking comment. (Reporting by Andrew Torchia; additional reporting by Davide Barbuscia; editing by John Stonestreet)

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