Fri, 01 Jul 2022 Today's Paper

Rupee hits record closing low; CB intervenes

11 May 2018 10:13 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS: The Sri Lankan rupee closed marginally weaker yesterday and ended at a record closing low, prompting the Central Bank to sell dollars to support the domestic currency, dealers said.


The rupee ended at its record closing low of 157.90/158.10 per dollar, compared with Wednesday’s close of 157.80/95.


The currency hit an all-time low of 157.90 per dollar on May 2. It has declined 0.2 percent so far this month after a 1.5 percent fall in April.


“The market was dull today as investors are worried over the global uncertainties on top of local issues,” a currency dealer said, asking not to be named.
“The Central Bank sold to select banks at Rs.157.90 per dollar.”


Officials at the Central Bank of Sri Lanka were not immediately available for comments.


The dollar eased slightly from 2018 highs ahead of U.S. April inflation numbers yesterday and as currency markets eyed the Bank of England’s policy meeting and inflation report.


The rupee will stabilise and the monetary authority will intervene to smooth high volatility as there is no reason for a weaker currency, Nandalal Weerasinghe, Senior Deputy Governor at the Central Bank, said last week.

 

The Central Bank said on April 26 it would intervene to support the rupee when necessary and that there was no reason for the rupee to be under pressure given the country’s record US $10 billion foreign currency reserves.


Dealers said they expect the rupee to gradually weaken and face higher volatility this year due to debt repayments by the government. But Weerasinghe on Thursday said debt repayment by the government will not have an impact on the currency.

 

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