Rupee hits all-time low; stocks recover

4 October 2018 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

(Colombo) REUTERS: The Sri Lankan rupee hit a fresh low yesterday due to dollar demand from importers and foreign banks amid outflows from government securities, while stocks ended marginally firmer erasing early losses.


Yesterday, the rupee touched its all-time low of 169.90 per dollar surpassing its previous low of 169.40 hit on Friday on importer demand for the greenback and foreign selling in government securities, market sources said. 


Sri Lanka’s Central Bank surprised financial markets on Tuesday by leaving its key policy rates unchanged, despite heavy pressure on the rupee currency and foreign outflows from government securities. 


The Central Bank on Tuesday said it purchased US $ 4 million from the market on the previous day, but it has sold a net US $ 184 million to the market so far this year to defend the currency.


The rupee ended at 169.80/90 per dollar, compared with the previous close of 169.20/45.


The rupee weakened 0.4 percent so far this month after it fell 4.7 percent in September against the dollar and 1.2 percent drop in the previous month. It has declined 10.63 percent so far this year.


The Colombo stock index ended 0.1 percent firmer at 5,813.83 erasing early losses to edge up from its lowest close since December 13, 2013 hit on Tuesday. The bourse fell 3.6 percent last month and is down 8.7 percent so far this year.


Data from the Central Bank showed foreign investors sold government securities worth a net Rs.10.2 billion in the week ended September 26, the highest since the week to December 6. Sri Lanka has seen a net outflow of Rs.72.5 billion in securities so far this year.


Stock market turnover was Rs.788.3 million yesterday, in line with this year’s daily average of Rs.782.3 million.


Foreign investors sold a net Rs.1.5 million worth of shares yesterday, extending the year-to-date net foreign outflow to Rs.6.01 billion worth of equities.

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




Pad politics is back

In November 2019, in the run up to the Presidential election, Sri Lanka debat

ANYTHING FOR MONEY

Some unregulated online lenders are remotely taking control of phones of thos

Frontline cops charge negligence by high-ups worsened police cluster

The police have done an invaluable service in the frontlines to combat the CO

US Vice President-Elect Kamala Harris’s Key Sri Lankan Tamil Aide

An overwhelming feeling of relief has descended upon the world-not merely th

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.