The Qatari rial is the official currency of the State of Qatar. The currency code is QAR and the abbreviation is QR.
QAR is pegged to the US dollar at the rate of 1 USD/QAR 3.64 and can range from 3.6385 to 3.6415.
The Central Bank of Qatar oversees the issuance of the currency and has regulatory oversight to maintain the currency peg.
The peg is largely maintained in both domestic and export markets, although QAR did drop to 3.81 in 2017 (external markets) when several countries severed diplomatic relations with Qatar based on terrorism allegations.
The Qatari rial has denominations of one, five, 10, 50, 100 and 500 rials. Coins in denominations of 1, 5, 10, 25 and 50 dirhams.
The Exchange Rate Mechanism (ERM) is the way in which governments can influence the relative price of their national currency in foreign exchange markets.
A horizontal spread is a simultaneous long and short position in derivatives for the same underlying asset and strike price, but with different expiration dates.
An indirect quotation in the foreign exchange markets expresses the amount of foreign currency required to buy or sell one unit of the national currency.