A committee drawn from a council which advises the Saudi king will recommend revaluing the riyal, refuelling the speculation about the fate of the currency.

A committee in the shura council, which has an advisory role, will recommend to King Abdullah that the authorities revalue the riyal by up to 30 per cent, Waleed Arab Hachem, a shura council member, told news agencies yesterday. He said that the proposal would be put before the Saudi king as early as next week.