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Rupee at record low on importer dollar demand

16 September 2015 05:08 am - 0     - {{hitsCtrl.values.hits}}

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REUTERS: The Sri Lankan rupee weakened 0.3 percent yesterday, hitting a record low for a third session in a row due to importer dollar demand, although some exporter conversions of dollars capped the fall, dealers said.

The spot rupee ended at 140.25/35 per dollar, compared with Monday’s close of 139.85/95.

It fell 0.5 percent to hit an all-time low of 140.00 per dollar in early trade on Monday before regaining some of the losses after a state bank sold dollars to arrest the fall.

“The rupee will slide till substantial inflows come in,” a currency dealer said, asking not to be identified.

The market expects the currency to fall further in the short term if the Central Bank fails to tighten interest rates or the country does not see strong inflows soon.

Some dealers said imports of vehicles might slow down ahead of the government budget scheduled for November, but imports of fast-moving goods would continue as usual.

Finance Minister Ravi Karunanayake said last week that the rupee will be brought to an acceptable level before too long and interest rates, which have been on a rising trend, will be pushed down. 
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