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


DISCLAIMER:

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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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

COMMENTS

Today's Columnists

Designers of Sri Lanka’s Future: Episode I Nihal Ranasinghe

Monday, 23 April 2018

To sustain economic growth, Sri Lanka needs a critical pool of daring people who would see things differently and design a new future.


Lalith: An invincible legacy

Monday, 23 April 2018

The twenty third day of April, 1993 is among a handful of blots in our national hall of shame. It was the day on which a lone gunman, perhaps with conspirators yet unknown, acted to neutralise a political threat by depriving all Sri Lankans of the in


Sri Lanka lost its maritime aspirations 60 years ago

Monday, 23 April 2018

Protectionism was the key factor that prevented Sri Lanka becoming a maritime hub 60 years ago,when our leaders could not see beyond the horizons to develop the nation in the late 50s and early 60s, which opened the doors to Singapore to be what it i


‘The Ants’ as a ‘disruptive’ teledrama: Managerial insights

Monday, 23 April 2018

I hardly watch teledramas, not only because I value my time but also because of their questionable value.


Columnists More