Rupee ends steady on state bank dollar sales

Wednesday, 15 July 2015 00:00 -     - {{hitsCtrl.values.hits}}

Reuters: The rupee ended steady on Tuesday, a day after it depreciated 0.15%, as a state-owned bank maintained its dollar selling rate at 133.80 amid demand for the greenback from importers, dealers said.

“There was importer demand but the state bank sold at 133.80,” a currency dealer said.

The rupee is under pressure as more than Rs. 80 billion ($ 598 million) worth of government securities would mature this week and some foreign investors may exit from treasury bonds, another dealer said, asking not to be named as he was not authourised to talk to the media.

Two other dealers confirmed the maturity amount.

The rupee fell for the first time in seven sessions on Monday after the state-run bank raised the dollar-selling rate to 133.80 from 133.60.

Dealers and analysts said the central bank may not be able to sustain the rupee’s appreciation trend as import demand could pick up due to lower interest rates, while foreign investors continue to sell government securities.

Pressure on the currency could also build if exporters stop selling dollars until after the 17 August parliamentary elections, dealers said.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.

COMMENTS

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.