Home / Financial Services/ Rupee ends lower as banks, importers buy dollar

Rupee ends lower as banks, importers buy dollar


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 14 September 2017 00:00


Reuters - The Sri Lankan rupee ended marginally lower on Wednesday as dollar demand from importers and banks surpassed selling of the greenback by exporters, dealers said.

The spot rupee ended at 152.90/153.00 per dollar, down from Tuesday’s close of 152.80/90.

“There was sizable demand toady. We have seen some demand from state banks, probably to pay oil bills. A foreign bank bought dollars, may be for a payment,” said a currency dealer, requesting anonymity.

“Exporters were silent.”

Dealers said the rupee will be under pressure with some equity related transactions.

After market hours, diversified conglomerate Hayleys Plc said it will purchase 61.73% of Singer Sri Lanka Plc for Rs. 10.9 billion ($71.27 million).

The rupee has been under pressure since January after the central bank stopped defending the currency and started buying dollars to build up the country’s depleted foreign currency reserves.

The island nation had seen Rs. 27.6 billion of net inflows into equities up to Wednesday’s close, and Rs. 6.6 billion worth inflows into government securities as of 6 September, official data showed.


Share This Article


COMMENTS

Today's Columnists

Problem is not us women and booze: It’s paternalism and capriciousness in policymaking

Friday, 19 January 2018

The other day the President of Sri Lanka went public expressing his intention to revoke a ministerial order revoking the notion that a woman of any age has no more maturity than a youth less than eighteen years old.


MS-RW Unity Govt. must stay united for the sake of the country

Friday, 19 January 2018

A few days after the Unity Government celebrated its third anniversary, President Maithripala Sirisena asked the Supreme Court: “Whether


The joy of books! Cuddling up with a wish to explore

Thursday, 18 January 2018

I walked into a small communication shop to discover that you can buy almost anything from rubber seeds and tree leaves to bird feathers to support a student attending a school. I noted that all leaves are properly and accurately (hopefully!) identif


Wake up, drifting mega infrastructure development professionals!

Thursday, 18 January 2018

Infrastructure investment is a key driver of a stronger and productive economy. Stakeholders, especially the public and the international funding agencies, demand greater transparency and scrutiny on infrastructure decision as the Government spend th


Columnists More