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Rupee ends steady on state bank dollar sales

30 September 2015 02:58 am - 0     - {{hitsCtrl.values.hits}}

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REUTERS: The Sri Lankan rupee ended steady yesterday as a state-run bank sold dollars to offset importer demand for the greenback, a day after the currency hit a record low.

The rupee ended steady at 141.25/30 per dollar, compared with Monday’s close.

The spot currency fell 0.3 percent to touch a record low of 141.40 on Monday, surpassing its previous all-time low of 141.00 hit on Sept. 22.

“There was importer (dollar) demand. But the rupee ended steady as a state bank sold (dollars) at 141.25,” said a currency dealer, asking not to be named. “The rupee is still under pressure as there are no real dollar inflows.”

Central Bank Governor Arjuna Mahendran said on Monday the rupee is “fairly valued” and expected it to stabilise only after a rate increase by the U.S. Federal Reserve, likely by year-end.

The rupee has fallen 4.7 percent since the Central Bank effectively floated it on Sept. 4. The rupee float has won a thumbs-up from rating agencies and economists, but more reforms will be needed to support the currency and conserve the Central Bank’s modest reserves. The Central Bank on Sept. 15 imposed a 70 percent limit on loans and advances for vehicles, a move seen aimed at curbing demand for credit and stemming dollar outflows.
 
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