Home / Front Page/ Rupee falls for third session but CSE gains

Rupee falls for third session but CSE gains


Comments / {{hitsCtrl.values.hits}} Views / Saturday, 27 April 2019 01:39

Facebook

REUTERS: The rupee closed 0.2% weaker on Friday as worries about more bomb attacks after the Easter Sunday attacks weighed, while stocks edged up for the third straight session after hitting a more than six-year low early in the week.   



Sri Lankan Police are trying to track down 140 people believed linked to Islamic State, which claimed responsibility for the Easter Sunday suicide bombings of churches and hotels that killed 253 people, President Maithripala Sirisena said on Friday.  The currency ended at 175.30/80 to a dollar, 0.2% weaker than Thursday’s close of 175.00/50, Refinitiv data showed. 

Analysts fear it could weaken further due to outflows from stocks and Government securities. 

Dollar-denominated bonds issued by the Government tumbled across the curve on Thursday following a fresh bomb scare. 

The island’s currency lost 0.8% this week, but is 4.2% up so far this year, as exporters converted dollars amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

The rupee dropped 16% in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

Foreign investors sold a net Rs. 268.2 million worth of Government securities in the week ended 24 April, the first net buying in four weeks, but they have sold a net Rs. 6.6 billion worth of securities so far this year, the latest Central Bank data showed. 

The benchmark stock index ended 0.26% up on Friday at 5,437.06, further moving away from its lowest close since 7 December 2012 hit on Tuesday. On Tuesday, it suffered its worst percentage fall since 14 February 2012. The exchange was closed on Monday following Sunday’s attacks. 

Turnover came in at Rs. 705.5 million ($4.03 million), more than this year’s daily average of Rs. 608.9 million. Last year’s daily average was Rs. 834 million. 

Foreign investors sold a net Rs. 4.5 million worth of shares on Friday, extending the net selling so far this year to Rs. 4.4 billion worth of equities so far this year.


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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

“Sri Lanka’s future lies in producing exportable manufactured goods”: Dr. Howard Nicholas

Monday, 22 July 2019

Drawing lessons from Vietnam’s experiences The Sri Lanka-born economist attached to The Hague based Institute of Social Studies – Dr. Howard Nicholas – addressing a packed audience consisting of the alumni of the Postgraduate Institute of Manag


We should sell our water

Monday, 22 July 2019

When you read the title of this article, you will probably feel disgusted with me as selling our water has been a controversial topic since a long time ago. By the way, I am talking about virtual water trade and you would be surprised to know that we


A voice of compassion amid howls of zealotry

Monday, 22 July 2019

The unrestrained freedom extended by the current regime to a bunch of saffron-clad street vendors of Sinhala Buddhist zealotry is pushing Sri Lanka once again into a cauldron of ethnic and religious convulsion. The nationwide spread and virulence of


Roger Beteille: The man who reinvented the commercial airliner

Monday, 22 July 2019

The visionary engineer, pilot and manager who led Airbus to some its most significant decisions, passed away last month. Beteille, who was the head of French aircraft manufacturer Sud Aviation’s flight testing section, was made technical director


Columnists More