Reply To:
Name - Reply Comment
Last Updated : 2024-04-27 00:40:00
REUTERS: The Sri Lankan rupee ended slightly weaker yesterday in dull trade as importer dollar demand outweighed selling of the greenback by exporters. The rupee ended at 155.25/30 per dollar, compared with Wednesday’s close of 155.10/25. The rupee hit a record low of 155.90 last week.
“There was some importer dollar demand, but the market was dull with trading volume also was low,” a dealer said. The local currency has weakened 1.3 percent so far this year. The domestic currency lost 2.5 percent last year and 3.9 percent in 2016.
The currency is expected to be pressured by continued importer demand for dollars, dealers said.
Dealers added they expect a gradual depreciation in the rupee and higher volatility this year on account of debt repayments by the government.
The government must repay an estimated Rs.1.97 trillion (US$12.68 billion) in 2018 - a record high - including US$2.9 billion of foreign loans and a total of US$5.36 billion in interest.
Foreign investors sold government securities net worth Rs. 2.1 billion in the week ended Feb. 14, Central Bank data showed.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
45 minute ago
45 minute ago
6 hours ago
8 hours ago