Rupee ends firmer on dollar weakness, bank selling

10 November 2016 12:02 am - 0     - {{hitsCtrl.values.hits}}

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REUTERS: The Sri Lankan rupee ended firmer yesterday as the dollar fell after political outsider Donald Trump sailed to an unexpected victory in the US presidential elections and on conversion of the US currency by exporters, dealers said. Investors had feared a Trump victory could cause global economic and trade turmoil and years of policy unpredictability, which among other things will discourage the US Federal Reserve from raising interest rates in December as long expected. The US dollar and stocks were hammered in Asian trade, but began to steady in the European morning yesterday as fears of a Brexit-style shock that wiped trillions off global markets has failed to materialise so far. R u p e e f o r w a r d s were active,

with oneweek forwards ending at 148.05/15 per dollar, compared with Tuesday’s close of 148.10/15. “There was some bank (dollar) selling in the market in dull trade,” a currency dealer said, asking not to be named. Dealers said pressure on the rupee would ease after the national budget scheduled today and on a pickup in year-end remittances. Deputy Central Bank G o v e r n o r N a n d a l a l Weerasinghe said on Tuesday that seasonal demand in November ahead of the budget has resulted in pressure on the rupee, adding the downward trend would be reversed after remittances flow in next month.

Selling of government securities by foreign investors has also hit the rupee, dealers said. Foreign investors net sold Rs.24.5 billion worth of government securities in the three weeks ended November 2, data from the Central Bank showed.

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