Sun, 27 Nov 2022 Today's Paper

Rupee rises on exporter dollar sales; stocks extend falls

13 October 2018 12:08 am - 0     - {{hitsCtrl.values.hits}}

A A A

COLOMBO (Reuters) - The Sri Lankan rupee strengthened 0.5 percent yesterday, as inward remittances and exporters dollar sales surpassed mild importer demand for the greenback, while stocks declined for a fourth straight session and posted their lowest close in more than one week.


The rupee ended at 169.40/70 per dollar, compared with the previous close of 171.20/40. 


The rupee fell to an all-time low of 171.60 per dollar on Wednesday, surpassing the previous low of 171.00 hit on Tuesday due to foreign selling in government securities and exporter greenback sales, market sources said.


The Central Bank surprised financial markets on Oct. 2 by leaving its key policy rates unchanged, despite heavy pressure on the rupee and foreign outflows from government securities. 


The Central Bank said on Oct. 2 it purchased US$ 4 million from the market in the previous day, but it has sold a net US$ 184 million in the market so far this year to defend the currency.


The rupee has weakened 0.3 percent so far this month after a 4.7 percent drop in September against the dollar. It has declined 10.5 percent so far this year.


The Colombo stock index fell 0.4 percent to 5,815.03, its lowest close since Oct. 3. It fell 3.6 percent last month and is down 8.7 percent so far this year.


Data from the Central Bank showed foreign investors sold government securities worth a net Rs.1.8 billion (US$10.58 million) in the week ended Oct. 3. Sri Lanka has seen a net outflow of Rs.74.3 billion in securities so far this year.

 

Stock market turnover was Rs.408.9 million (US$2.41 million) yesterday, more than half of this year’s daily average of Rs.765 million.


Foreign investors were net sellers of Rs.311.5 million worth of shares yesterday, extending the year-to-date net foreign outflow to Rs.6.6 billion worth of equities. 

 


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 Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  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 Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop 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




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 Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Downfall and death of LTTE’s Mahathaya

The Liberation Tigers of Tamil Eelam (LTTE) ceased to exist as a functioning

Rishi Sunak; why SL did not have a Tamil or Muslim as President?

Britain now has a British Asian, Hindu Prime Minister, though Rishi Sunak is

How and why MGR launched ADMK 50 years ago

17 October 1972 was a Tuesday. Fifty years ago on that auspicious day, a new

Amitabh Bachchan: Evergreen Emperor of Hindi cinema turns 80

Well-known Hindi film actor Amitabh Bachchan celebrated his eightieth birthda