Thu, 28 Mar 2024 Today's Paper

Rupee firmer on exporter sales, inward remittances

By

8 December 2015 06:30 pm - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS: The Sri Lankan rupee traded firmer yesterday due to dollar sales by exporters and on inward remittances ahead of the festival season, dealers said.

The rupee was at 143.15/25 per dollar at 0647 GMT compared with Monday’s close of 143.25/35.

“We were expecting selling to come in. We saw the selling which we have been expecting,” said a currency dealer, asking not to be named.

“We saw exporter dollar sales and remittances, the rupee will strengthen for the next few days unless state bank comes and buys again.”

Dealers said inward remittances for the festival season starting mid-December would take some pressure off the local currency in the short term.

Prime Minister Ranil Wickremesinghe last week warned of pressure on the currency due to a China-led global slowdown and a possible Federal Reserve rate hike.

Sri Lanka is expected to seek an IMF stand-by arrangement to fend off a risk that its economy will be hurt next year by repercussions from events affecting major economies.

Sri Lanka has not made a formal request for International Monetary Fund help but the fund’s staff are looking at ways to help the island nation, an IMF spokesman said on Thursday.

The Central Bank on Monday conducted a repo auction for the first time since February 27 to absorb excess rupee liquidity. The bank accepted Rs.8.2 billion at 6.05 percent after receiving offers for Rs.10.3 billion.

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

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine 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





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

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H