Rupee under appreciation pressure at the moment: CB

24 Oct 2013 - {{hitsCtrl.values.hits}}

The Sri Lankan rupee, which hit a record low at the end August, is under appreciation pressure and the Central Bank has been intervening to curb a sharp rise, the Central Bank Governor said yesterday.

The rupee has been trading at more than a threemonth high of 130.70/75 to the dollar, after having appreciated 3.42 percent since it hit a record low of 135.20 on August 28.

“There is actually more appreciation pressure than depreciation pressure at the moment,” Governor Ajith Nivard Cabraal told Reuters.

“The Central Bank is intervening when it thinks the rupee is appreciating too much.”

Currency dealers said inflows into the share market and government bonds amid weak importer dollar demand had helped boost the currency.

Some dealers had expected the currency to come under downward pressure after the Central Bank cut key policy interest rates to multi-year lows last week.

(REUTERS)

Economy

Rupee under appreciation pressure at the moment: CB

Most Popular Articles

Sri Lanka’s IMF reserve target comes under pressure: KPMG

Sri Lanka explores local gold refinery as IMF regulations delay import tax relief for jewellers

CSE ends lower as turnover falls to year’s lowest, ASPI holds key support

HMD introduces latest range of feature phones to Sri Lanka

CSE opens the week lower as broad-based selling offsets strong institutional activity

Crossings dominate market activity as ASPI extends decline

Latest News

Wildlife holiday bungalows to be upgraded

Toxic alcohol addiction changes brain chemistry: Psychotherapist

Sri Lanka passport rises to 94th in 2026 Henley Index

Strong wind advisory issued for several areas

DAPH calls for coordinated plan to eliminate rabies by 2030