Home / Financial Services/ Rupee ends steady; remittances offset importer dollar demand

Rupee ends steady; remittances offset importer dollar demand


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 3 October 2017 00:00


Reuters: The rupee closed steady on Monday as dollar sales by banks due to inward remittances were offset by demand for the US currency from importers to pay for their purchases, dealers said.

The spot rupee closed at 153.05/20 per dollar, little changed from Friday’s closing level of 153.05/12.

“Today importer demand (for dollars) matched with remittances. Still we could see some remittances coming in,” said a currency dealer who did not wish to be named.

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. 18 billion ($ 117.61 million) of net inflows into equities this year as of Monday’s close, and Rs. 29.1 billion worth inflows into government securities as of 27 September this year, official data showed.


Share This Article


COMMENTS

Today's Columnists

Bringing beedi into tax net can yield Rs. 40 b in revenue

Tuesday, 24 October 2017

Last week, the Financial Times quoted an AFP article that stated Sri Lanka will start regulating the toddy industry to boost tax revenues from the informal sector. This same principle should be applied to the beedi trade, which has also grown unabate


Grade 5 Scholarship examination and the future of the country

Tuesday, 24 October 2017

The Grade 5 scholarship examination results have been released recently. Although this is known as the “Mothers’ exam,” the mentality of the children can be well articulated when children come from the examination halls after the exams. Today w


Need for tax reforms: Government should not lose it this time but go for them early

Monday, 23 October 2017

In the first economic policy statement, Prime Minister Ranil Wickremesinghe made a number of pledges related to taxes and tax reforms. One was that the Government would review whether the tax concessions given to investors have really delivered the e


Lessons from Geneva

Saturday, 21 October 2017

‘Mission Impossible – Geneva’ is an inspiring account of developments at the Human Rights Council in Geneva when Dayan Jayatilleka was our Permanent Representative there. It is written by his wife Sanja, which provides for fascinating insights


Columnists More