Rupee weaker on equity outflows

24 September 2016 12:02 am - 0     - {{hitsCtrl.values.hits}}

A A A

Reuters - The Sri Lankan rupee traded weaker yesterday as the dollar demand for possible equity-related capital outflows surpassed the mild exporter greenback sales, dealers said.


Rupee forwards were actively traded and spot-next forwards were at 146.45/55 per dollar at 0557 GMT, weaker than Thursday’s close 146.35.45. One-week forwards were at 146.60/70, weaker from Thursday’s close of 146.45/65.


The spot rupee was quoted at 145.90/146.60, but not traded.
Traders were unwilling to trade the spot rupee below 146.00 , the level desired by the Central Bank, dealers said.


“There is some selling today possibly for equity outflows,” a currency dealer said, asking not to be named.
Sri Lanka’s share market saw a net foreign outflow of Rs.867.8 million ($5.95 million) on Thursday.

The spot rupee is usually managed by the Central Bank and market participants use the forward market levels for guidance on the currency.
Officials from the central bank were not available for comment.'


Dealers said the market expects the local currency to be under downward pressure in the coming weeks due to the seasonal importer demand, which is expected to continue until mid-December.
Sri Lankan shares gained, with the benchmark Colombo stock index up 0.15 percent at 6,476.67 as of 0600 GMT. Turnover was at Rs.311.3 million ($2.13 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




“Social media ruined us” - husband of Minuwangoda Brandix factory worker

The Minuwangoda Brandix factory worker who first tested positive for Covid-19

Last rites far from home

The body of the Sri Lankan migrant worker Bandu who died of coronavirus in Du

Doctors blame newborn for gash on her face

A baby born on September 21 at the Wathupitiwala Base Hospital in Gampaha has

Minuwangoda Covid-19 cluster expands

Here’s what we know so far about Sri Lanka’s Covid-19 cluster number 33

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.