Thu, 30 Jun 2022 Today's Paper

Rupee hits fresh record low on dollar demand from banks, importers

2 June 2018 12:31 am - 0     - {{hitsCtrl.values.hits}}

A A A

The Sri Lankan rupee touched a fresh record low of 158.80 yesterday owing to dollar demand from foreign banks and importers but ended steady on late inflows from remittances, dealers said.


The spot rupee hit a new all-time low of 158.80 per dollar, surpassing its previous low of 158.50 hit on May 16. However, it ended at 158.50/70, little changed from Thursday’s close of 158.50/60.


The currency has declined 3.4 percent so far this year.


“There was more than Rs.1 billion (US$ 6.31 million) outflow from a stock-related transaction and a foreign bank bought dollars, while importer demand also was there,” a currency dealer said.


“Later in the day we saw some inflows from remittances.”


Dealers said the rupee will be under pressure with exporters staying on the sidelines in anticipation of a fall in the unit, in line with other emerging market currencies.
The pressure on the currency is unwarranted as gross external reserves are at US$9.1 billion and the real effective exchange rate indexes indicate that the currency is competitive, the Central Bank had said.


Foreign investors sold government securities worth a net Rs.787.24 million (US$4.97 million) in the week ended May 30, bringing the outflow so far this year to Rs.17 billion, Central Bank data showed.


-REUTERS

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 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.

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.

  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 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.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


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 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.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Free-fall of the nation Where is the alternative to ruinous Gotabaya regime?

There is a great deal of ruin in a nation, Adam Smith once said - meaning tha

Gotabaya, Ranil and the Frog and Scorpion Fable

Let me rewind back to my boyhood when I first read the fable about the scorpi

Four-day work week: Can Govt. reap what it sows?

This week, Sri Lanka joined a growing list of countries experimenting with th

Sri Lanka’s Al Capone Syndrome threatens human security

Be it Al Capone, Pablo Escobar, El Chapo or any other crime boss, violence in