Home / Front Page/ Ravi K assures rupee will be brought to acceptable level

Ravi K assures rupee will be brought to acceptable level

Comments / {{hitsCtrl.values.hits}} Views / Thursday, 10 September 2015 00:42


Reuters: Sri Lanka’s rupee, which is hovering near a record low after being floated by the central bank last week, will be brought to an acceptable level before too long, Finance Minister Ravi Karunanayake said on Wednesday.BUP_DFT_DFT-1-297

The rupee fell for a fourth straight session to 138.80/95 per dollar on Wednesday, 0.36 percent weaker than Tuesday’s close of 138.30/50 and near the record low of 139.00 it reached on Friday after being floated.

“We will ensure that before too long it will be brought back to an acceptable level,” Karunanayake told Reuters in an interview, adding that a realignment is taking place after the currency was floated.

He declined to give a fair value for the currency, which has fallen more than 5.5 percent this year.

“Floating is being done very cautiously and at this particular moment people try to speculate,” he said. “We will act very hard against any type of speculation. We will manage it in a way that will not be detrimental and overcome it.”

Currency dealers said the rupee is likely to slide further unless the central bank raises interest rates or the $78.6 billion economy sees strong dollar inflows soon. Karunanayake, however, said the government will push down interest rates.

He also said the government elected in August will pass revenue proposals presented in the 2015 budget and a bill to raise the total treasury bill borrowing limit to 1.25 trillion rupees ($9.01 billion) from the current 850 billion rupees.

Share This Article

Facebook Twitter


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Poignant pondering on a patriarch

Monday, 22 April 2019

Almost five months have gone. It is with a profound sense of sadness that we experienced the demise of our veteran teacher, respected author, legal luminary, an accomplished ambassador, an eminent public servant and an amazing human being, Dr. Wickre

Enemies of democracy – Part I Demand for a strongman to rule the country

Monday, 22 April 2019

I posed the following question to a group of university students recently: ‘Do you desire to have a strongman to rule Sri Lanka today?’ The students, made up of both genders in the age group of 25 to 35, chorused the answer in the affirmative. Wh

The sad demise of Jet Airways

Monday, 22 April 2019

Jet Airways of India, once the premier full-service carrier of the sub-continent, has ceased operations. “Jet Airways and its Board of Directors have been forced to take this extreme measure, as prolonged and sustained efforts with lenders and auth

No more stones to break Sri Lankan bones

Friday, 19 April 2019

Trial by fire is not a new ordeal to Christian community. It predates Notre Dame and Nazism by millennia. In fact, a decade or so before Nero torched believers to light Roman avenues, Jewish religious leaders put Jesus-followers to the test as the Ch

Columnists More