Sat, 24 Jul 2021 Today's Paper

Rupee ends steady; CB keeps rates steady

4 August 2018 12:10 am - 0     - {{hitsCtrl.values.hits}}

A A A

COLOMBO (REUTERS): The Sri Lankan rupee ended steady yesterday as dollar demand from foreign banks offset selling of the greenback by domestic lenders on account of inward remittances, traders said. 


The rupee, which traded at 159.85 rupees per dollar during the day, ended steady at 159.75/85 per dollar from Thursday’s close. It has fallen 4.04 percent so far this year and had hit a record low of 160.17 on June 20. 


“Today we have seen some demand from foreign banks. There were sizable (inward) remittances today which helped absorb the pressure,” said a currency dealer, asking not to be named. 


Sri Lanka’s Central Bank left its key policy rates unchanged yesterday before market hours, saying the decision backed its goals for stabilising inflation and fostering sustainable economic growth. 


“Several emerging market currencies have depreciated over 4 percent, more than the Sri Lankan rupee, and if we reduce rates that would put further pressure on the exchange rate,” Central Bank Governor Indrajit Coomaraswamy told reporters. 


Sri Lanka has raised import duties on small hybrid cars by more than 50 percent, the government said on Wednesday, aiming to boost revenue and curb a sharp fall in the rupee. 

The Finance Ministry imposed a minimum duty of Rs.1.25 million on any hybrid car with an engine capacity of less than 1,000 cubic centimeters to discourage the imports which has pressurised the rupee currency. 


Coomaraswamy had earlier said the rupee’s decline was driven mainly by factors outside Sri Lanka. 


Foreign investors sold government securities worth a net Rs.4.6 billion (US$28.83 million) in the week ended July 25, bringing the outflow so far this year to Rs.36.2 billion, Central Bank data showed. 

 

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


“This govt. printed Rs. 880 billions”

This is the roadmap of Zimbabwe

“We are on the cusp of a mothers-led movement for better birth rights in Sri Lanka” – Kanya D’Almeida

Writer Kanya D’Almeida became the first Sri Lankan to win the ‘Commonweal

Two diametrically opposite shows in a military regime

On July 8 (Thursday) we saw diametrically opposite results because the securi

A bullish regime’s inability to perceive dissent

Voices of dissent are growing in the country. The latest individuals to take



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.