Rupee falls on importer dollar demand; stocks up

8 July 2017 12:01 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS: The Sri Lankan rupee fell slightly yesterday as demand for dollars from importers surpassed selling of the U.S. currency by exporters and banks, while expectations that imports would increase weighed on the local currency.
The spot rupee was at 153.65/75 per dollar at 0608 GMT, compared with Thursday’s close of 153.63/68.
“The downward pressure is there. We can see some foreign banks buying dollars to settle import bills,” said a currency dealer, requesting anonymity.
“The state banks were not seen in the market but we expect them also to come in as the importer demand 
is there.”
The spot rupee resumed trading on June 19 for the first time since May 5, when the Central Bank fixed its reference rate at 152.50.
Dealers said they expected seasonal demand for dollars to pick up from August. The rupee has been under pressure since early this year after the Central Bank stopped defending the currency at a time when the island nation faces a balance of payments crisis. The Central Bank is also compelled to buy dollars from the market to meet the reserve target set by the International Monetary Fund (IMF) under a US$1.5 billion, three-year 
loan programme.
Sri Lankan shares were up 0.14 percent at 6,723.6, as of 0617 GMT. Turnover stood at Rs.657.1 million (US$4.28 million).

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

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




“I don’t think Sri Lankans can be realistically ruled by force” -Ahimsa Wickrematunge

Twelve years after the assassination of Lasantha Wickrematunge, the founding

Decisions to be made in Sri Lanka’s hunt for the COVID-19 Vaccine

Around the world, governments are gearing up to roll out nationwide immunizat

“I am the Godfather of Russian tourists” - Udayanga Weeratunga

Former Sri Lankan Ambassador to Russia Udayanga Weeratunga is back in the sce

Sri Lankan migrant workers still in limbo

Sri Lanka’s migrant workers are a significant part of our economy, with the

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.