Reply To:
Name - Reply Comment
Last Updated : 2023-03-28 17:25:00
REUTERS - The Sri Lankan rupee edged up yesterday as dollar selling by exporters surpassed the demand for the greenback from importers, dealers said.
Rupee forwards were active, with one-week forwards trading at 148.30/40 per dollar at 0604 GMT, compared with Thursday’s close of 148.80/90.
“Exporter coversions are exceeding the importer demand, supporting the rupee,” a currency dealer said, asking not to be named.
The Sri Lankan Central Bank Governor said on Tuesday that he expected the rupee to stabilise when the $1 billion sale of a stake in the southern port of Hambantota to a Chinese investor was completed in four to five months.
Governor Indrajit Coomaraswamy said that proceeds of stake sale would be converted into rupees, easing the strain on the currency that has been under pressure since mid-September due to seasonal demand for the U.S. dollar from importers.
Dealers said the rupee has also been hit due to the selling of government securities by foreign investors.
Foreign investors have net sold Rs. 16 billion ($108.40 million) worth of government securities in the two weeks to Oct. 26, data from the Central Bank showed.
Sri Lankan shares were marginally lower, with the benchmark Colombo stock index down 0.05 percent at 6,439.07 as of 0607 GMT. Turnover stood at Rs.144.9 million .
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
With the increase in egg prices the government decided to import eggs to regu
In order to critically discuss a movement, we must first understand its etymo
Many battles were fought during the long war between the Sri Lankan armed for
When can one say they’ve had enough of being in a state of ‘wokeness’ a
28 Mar 2023 - 6 - 805
24 Mar 2023 - 1 - 1361
