All Gulf Cooperation Council countries peg their currencies to the US dollar, with the exception of Kuwait, which pegs its currency to a basket of currencies of which the US dollar is most dominant.

The Qatar Central Bank (QCB) raised its overnight lending rate by 25 basis points to 5%, clearly tracking the US Federal Reserve, which on Wednesday tightened policy by a similar margin.

Expectations on a rate hike by the US Federal Reserve and slow expansion in the domestic economy had their dampening effects on the Qatar Stock Exchange (QSE), which lost 185 points during the week.

Oil futures slipped in Asian trade on Friday after hitting resistance at the $50 a barrel mark as investors worried higher prices could reactivate shuttered crude output, adding to global oversupply.