Sun, 23 Jan 2022 Today's Paper

Rupee hits record low on strong importer dollar demand

1 September 2018 12:01 am - 0     - {{hitsCtrl.values.hits}}

A A A

COLOMBO (Reuters) - The Sri Lankan rupee dropped to an all-time low yesterday, marking its ninth straight session of setting fresh lows, as dollar demand from importers remained strong.


The rupee, which hit a fresh record low of 161.55 early in the trade, closed steady at 161.40/50 per dollar. The local currency surpassed its earlier record of 161.50 hit in the previous session. The rupee has declined 1.2 percent this month, and dropped 5.2 percent so far this year.


“The (importer dollar) demand was there. But we have seen some flows, probably remittances for a large local bank, which ease the pressure at the latter part of the day,” a dealer said, requesting anonymity.

The rupee will be under depreciation pressure with the year-end seasonal importer demand, dealers said.


Absence of dollar conversions by exporters and outflows from equities and government securities also pushed the rupee lower, analysts said.


Exporters are holding on to dollars as they expect the local currency to decline further, dealers said.
The Sri Lankan currency is also hurt by weakness in the Indian rupee. India is Sri Lanka’s biggest trading partner and the country’s currency, which hit a record low yesterday, is one of the worst performers in Asia this year.


Foreign investors sold government securities worth a net Rs.7.5 billion (US$46.5 million) in the week ended Aug. 21, bringing the outflow so far this year to Rs.47.4 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.

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

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.

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




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.

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.


“US has a right to criticise and to be criticised” – Sam Brownback

The United States continues to police other countries on democracy and human

Indo-Lanka Accord, 13th Amendment and the Tamil March of Folly

Much concern is now being shown by political parties representing the minorit

How a Sri Lankan woman’s death shook Japan and pushed towards changes

Japan has long been internationally criticised for its refugee recognition an

Turmoil in Toronto as “Tigers” Target TNA Meeting

Last Saturday (Nov. 20) saw a group of self-styled political activists creat