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Rupee forwards rise on dollar sales; stocks up

29 January 2016 06:30 pm - 0     - {{hitsCtrl.values.hits}}

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REUTERS - Sri Lankan rupee forwards strengthened yesterday as a foreign bank sold dollars, while the spot rupee was not traded as banks were reluctant to trade it below the 144.00 level amid moral suasion by the Central Bank, dealers said.
Dealers said the one-week forward, which acted as a proxy for the spot currency, was at 144.25/35 per dollar at 0841 GMT, compared with Thursday’s close of 144.45/55.
“There was heavy moral suasion by the Central Bank and banks were cautious in trading the spot rupee,” said a dealer asking not to be named.
There was no direct intervention from the Central Bank. This is a temporary relief. But we may see possible fall in the rupee once import demand picks up.” Officials at the Central Bank were not available for comments.

The rupee is under pressure despite a 150-basis-point increase in commercial banks’ statutory reserve ratio from Jan. 16. The Central Bank kept its key policy interest rates unchanged on Monday.
Sri Lanka’s main stock index was 0.27 percent firmer at 6,327.49 at 0904 GMT. Turnover stood at Rs.387.3 million ($2.69 million).

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