Home / / Rupee weaker on importer dollar demand

Rupee weaker on importer dollar demand


Comments / 667 Views / Saturday, 10 March 2012 01:34


Reuters: Importer dollar demand drove Sri Lanka’s rupee down despite a low supply for the local currency caused by an earlier Central Bank order to commercial banks to unwind some dollar positions.



The rupee closed at 121.50/70 a dollar, down from Thursday’s close of 121.10/30 The rupee has fallen six per cent since 9 February, when the Central Bank stopped defending it.

A Reuters monthly forex poll has forecast the rupee to fall as far as 128.50 by the end of August.  The stock market meanwhile closed flat in thin volume as many investors stayed away on fears of slowing economic growth, rising interest rates and broadly flat December quarter profits. The main share index fell 0.24 points to hit 5,456.27.The main share index fell 0.24 points to hit 5,456.27.

The day’s turnover was Rs. 381.3 million ($ 3.14 million) well below last year’s daily average of Rs. 2.3 billion. The day’s volume was Rs. 16.3 million. Last year’s daily average was a record Rs. 102.7 million.

Foreign investors bought shares worth Rs. 50.3 million, extending the offshore net foreign inflow to Rs. 2.77 billion so far this year, after a net outflow of Rs. 19.1 billion last year.

The Colombo Bourse is one of the worst performers this year among Asian markets, with a 10.2 per cent loss while the majority has had positive returns.

 


Share This Article


COMMENTS

Today's Columnists

Political violence and (this time) the Chief Minister!

28 May 2016

Chief Minister Nazeer Ahamed    By Hilmy Ahamed Chief Minister Nazeer Ahamed’s outburst is not acceptable by any standards. As the senior most political office holder in the province, he has a much bigger...


An ‘affair’ of the mind between a nubile undergrad and her ageing professor

27 May 2016

Asoka Handagama Asoka Handagama’s latest film ‘Let Her Cry’ is currently being shown in theatres on a limited run from 13 May to 10 June. The director apparently preferred to utilise the gap in between already-scheduled r...


Noah’s Albatross and Postdiluvian Politics

27 May 2016

 APRÈS MOI, LE DÉLUGE! In the aftermath of the Great Flood of 2016, if Sri Lanka is to Build Back Better, the political leadership must be instrumental in syncing Government actors and State agencies in working together with gre...


The promise of Yahapalanaya should not get washed away

27 May 2016

 President Maithripala Sirisena presenting his campaign manifesto to Prime Minister Ranil Wickremesinghe where the first-order of priority was clearly the promised anti-corruption probes     On 8 January, nea...


Columnists More