Thu, 26 May 2022 Today's Paper

Rupee closes weaker; shares end low

2 October 2019 12:01 am - 0     - {{hitsCtrl.values.hits}}

A A A

(Colombo) REUTERS: Sri Lanka’s rupee closed weaker yesterday, following continued demand from importers and banks, while equities ended lower for the third straight session.
The rupee ended 0.11 percent weaker at 182.20/40 per dollar compared to Monday’s close of 182.00/10. The rupee fell 0.41 percent last week. However, the currency is up 0.22 percent this year.


The International Monetary Fund (IMF) cut its forecast for Sri Lanka’s 2019 economic growth to 2.7 percent from 3.5 percent, as the Easter Sunday attacks on hotels and churches earlier this year dented tourism and broader business activity.


Foreign outflows from government securities, one of the major reasons behind the rupee’s recent weakness, may not abate till the end of parliament elections in 2020, some analysts said.
The Central Bank does not release foreign trade numbers on a daily basis, but weekly data in the past four weeks has shown a steady outflow.


Foreign investors sold government securities worth Rs.439 million in the week ended September 25, data showed, extending the net foreign outflow so far this year to Rs.55.3 billion through September 25, the Central Bank data showed.

The benchmark stock index ended 0.08 percent down at 5,733.64. The bourse fell 0.38 percent last week. So far this year, the index has dropped 5.3 percent.


The index rose in a couple of sessions last week, after the Central Bank said on Tuesday that the Monetary Board had ordered banks to reduce interest rates on all loans and advances by at least 200 basis points by October 15.


Equity market turnover was Rs.214.4 million (US$1.18 million), well below this year’s daily average of about Rs.658.5 million. Last year’s daily average was Rs.834.0 million.
Foreign investors were net buyers of Rs.4.6 million worth of shares on Tuesday, but they have been net sellers of Rs.2.57 billion of equities so far this year, according to index data.

 

 

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.


Shocking inside stories of the sugar scam

In the backdrop of former Finance Minister Ali Sabry’s proposed plan to inc

Sri Lankans stuck between hunting for essentials and fighting for good governance

Sri Lanka, a tiny South Asian nation of 22 million people, is experiencing fi

Food crisis in Sri Lanka From granary of East to barren nation

A damning revelation by the Food and Agriculture Organisation (FAO) states th

The danger of Basil Rajapaksa’s rule by proxy

Last week, I wrote that the fate of the Ranil Wickremesinghe government would