Friday May 09, 2025
Thursday, 28 July 2016 00:00 - - {{hitsCtrl.values.hits}}
Reuters: The rupee ended weaker on Wednesday due to importer dollar demand as hopes of the currency’s appreciation after a recent sovereign bond inflow evaporated, dealers said.
One-week rupee forwards, which have been acting as a proxy for the spot rupee, ended at 146.25/40 per dollar, slightly weaker than Tuesday’s close of 146.10/30.
“Today, there was demand (for dollars) from importers,” said a currency dealer, asking not to be named.
The spot rupee is tightly managed by the Central Bank, and market participants use the forward market levels for guidance on the currency.
The market has shrugged off speculation of a strong rise in the rupee as the island nation’s heavy debt repayment reduced the dollar availability for the Central Bank to defend the currency, dealers said.
Finance Minister Ravi Karunanayake said earlier this month that the rupee would “obviously appreciate” on inflows from the country’s first sale of dual-tranche eurobonds, while the Central Bank Deputy Governor Nandalal Weerasinghe said last week that the $1.5 billion raised from the bond sale had been absorbed into foreign reserves.
The spot rupee was not traded on Wednesday.
Spot-next, which are rupee forwards settled three days after the spot rupee settlement, ended at 146.10/30 per dollar compared with Tuesday’s close of 145.90/146.20.
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.
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.