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


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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

Is there value in surveillance? Ask the Chinese

Tuesday, 22 May 2018

Global commentary would suggest that surveillance (whether offline or online) casts a shadow on personal freedoms and any conversation that involves such spy games quite quickly descends into a 1984-esque discussion about dystopian futures. However,

Mangala’s Gam Peraliya: Good move but essential requirement a village level database

Monday, 21 May 2018

Finance Minister Mangala Samaraweera, announcing the Government’s decision to move for a flexible fuel price system based on international prices built into a pricing formula, made a side announcement as well.

New mandate to navigate ‘Nation’s management mentor’

Monday, 21 May 2018

I was delighted to be reappointed by the University Grants Commission (UGC) as the Director of the Postgraduate Institute of Management (PIM) for the second term of three years.

Take a check on your Board Directors

Monday, 21 May 2018

The public entrusts the Government to collect taxes and invest them prudently to ensure quality of life. Similarly, the shareholders (minority ones in particular) entrust the Board of Directors to protect and grow their investments.

Columnists More