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Rupee ends weaker on importer dollar demand

8 September 2015 02:41 am - 0     - {{hitsCtrl.values.hits}}

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REUTERS: The Sri Lankan rupee ended slightly weaker yesterday, following a 3-percent decline in the previous session, as late importer dollar demand outpaced early exporter dollar sales.

The rupee hit a record low of 139.00 per dollar on Friday after the Central Bank effectively floated the currency by ceasing to quote its own reference rate.
The spot rupee ended at 137.80/85 per dollar yesterday, compared with Friday’s close of 137.25/75.

Some dealers said the Central Bank, which usually directs the market through state-run banks, did not interfere in the market yesterday.

The slide in the rupee on Friday came amid weakness in emerging markets, triggered by the recent devaluation of the Chinese yuan.

It came with a delay, though, after the Central Bank supported the rupee before and after an August 17 general election won by a pro-reform coalition.

Finance Minister Ravi Karunanayake said on Friday it was hard to give a realistic level for the rupee, but expressed confidence the currency would stabilise in a few days.

He said the government could service its debt without difficulty despite the depreciation in the currency, which has fallen 4.6 percent this year.
 
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