Home / Financial Services/ Rupee ends steady in dull trade

Rupee ends steady in dull trade


Comments / {{hitsCtrl.values.hits}} Views / Friday, 20 July 2018 00:00

Facebook

Reuters: The rupee closed steady yesterday in mild trading as dollar demand from importers were offset by greenback selling by exporters, traders said.

The rupee closed at 159.95/160.05 per dollar, largely unchanged from Wednesday’s close. It has declined 4.2% so far this year and had hit a low of 160.17 on 20 June.

“There was only mild importer dollar demand and exporter conversions were dull,” a currency dealer said. “We don’t see any Central Bank intervention and the currency seems to be holding at this level.”

Sri Lanka’s Central Bank Governor Indrajit Coomaraswamy had said earlier that the rupee’s decline was driven mainly by factors outside of Sri Lanka and that emerging-market currencies were under pressure.

The Central Bank is concerned dollar hoarding and market manipulation is exacerbating the rupee’s weakness and has the tools to correct any misalignment in the exchange rate, Coomaraswamy told Reuters last week.The International Monetary Fund said last month that Sri Lanka’s economy remained vulnerable to adverse shocks due to a sizeable public debt and large refinancing needs.

Foreign investors sold government securities worth a net Rs. 9.4 million ($ 58,787) in the week ended 11 July, bringing the outflows so far this year to Rs. 29.7 billion, Central Bank data showed.


Share This Article

Facebook Twitter


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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

Revitalising the tourist inflows

Wednesday, 22 May 2019

Easter Sunday 21 April terror acts have dealt a very heavy blow on tourism. The inflow has dried up for the moment while it can be presumed that forward selling too may have become sluggish. It is noted that Government has introduced a series of meas


Truth has now arrived, and falsehood has perished

Wednesday, 22 May 2019

“And say: Truth has now arrived, and Falsehood has perished: for Falsehood by its very own nature is bound to perish.” Holy Quran: Chapter 17 Verse 81. Every discussion, debate and discourse that we see and hear over the audio – visual and prin


Afghan refugees face Jaffna’s hostility: These Sri Lankans are crazy

Wednesday, 22 May 2019

Abbas Ahmadi, an IT specialist, was rather high in the Afghan provincial civil service. He is of Hazara ethnicity and persecuted by the majority Pashtuns who ironically dominate the ruling faction as well as the rebelling Taliban.The Hazaras are inpa


One month gone: No charge on over 200 Catholics murdered

Wednesday, 22 May 2019

It’s been one month since the murder of around 300 innocent Catholic children and parents but no has yet been charged for the biggest negligence of duty that Sri Lanka has seen in recent history. The President and Prime Minister have both denied a


Columnists More