Tue, 29 Nov 2022 Today's Paper

Rupee edges down in dull trade

9 August 2016 12:03 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS: The Sri Lankan rupee ended slightly weaker in dull trade yesterday due to mild importer dollar demand, but the fall was capped as dealers were reluctant to trade below 145.60 levels fearing intervention by the Central Bank, dealers said. 


The rupee gained last week as foreign investors sold dollars to buy local shares, expecting better profits from corporates on hopes that the latest rate hike would help improve the island nation’s macro-economic outlook. The spot rupee ended at 145.60/75 per dollar, compared with Friday’s close of 145.55/65. Dealers said there was mild importer dollar demand and that no bank wanted to trade below 145.60 levels on concerns over the Central Bank’s moral suasion, though the Central Bank was not seen in the market.


The spot rupee is usually managed by the Central Bank, and market participants use the forward market levels for guidance on the currency.

Since a US $ 1.5 billion inflow from a duel-tenure sovereign bond issue, the Central Bank has largely not intervened in the currency market to defend the rupee. The Central Bank officials were not available for comments.


One-week rupee forwards ended at 145.93/97 per dollar, compared with Friday’s close of 145.80/90.
The Central Bank on July 28 raised its main interest rates by 50 basis points each in a surprise move aimed at curbing stubbornly high credit growth that is adding to concerns about inflationary pressures.
Foreign investors have bought Rs.63.7 billion worth of government securities, since the International Monetary Fund (IMF) agreed to a US $ 1.5-billion bailout package, from April 29 through August 3, the Central Bank data showed.

 


Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop 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 to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

POLICE ON TRIAL: Exercising Authority without Accountability

Although armed with the power of the State and empowered to use force against

Downfall and death of LTTE’s Mahathaya

The Liberation Tigers of Tamil Eelam (LTTE) ceased to exist as a functioning

Rishi Sunak; why SL did not have a Tamil or Muslim as President?

Britain now has a British Asian, Hindu Prime Minister, though Rishi Sunak is

How and why MGR launched ADMK 50 years ago

17 October 1972 was a Tuesday. Fifty years ago on that auspicious day, a new