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Friday, 26 May 2017 00:00 - - {{hitsCtrl.values.hits}}
Reuters: The rupee ended steady on Thursday as importer dollar demand offset selling of the greenback by exporters and state-run banks, traders said.
Rupee forwards were active, with spot-next forwards ending at 152.90/95 per dollar, compared with Wednesday’s close of 152.90/153.00.
One-week forwards ended at 153.10/20, compared with the previous session’s close of 153.05/15.
“There was demand (for dollars) from foreign banks. State banks sold dollars, preventing the rupee from falling below 153,” said a currency dealer.
However, it is unclear whether state banks were selling dollars on behalf of the Central Bank. Central Bank officials were not available for comment, dealers said. Sri Lanka’s central bank has purchased around $ 400 million directly from the market so far this year, governor Indrajit Coomaraswamy said last week, adding it was targeting $ 1.2 billion in direct market purchases of dollars to boost the island nation’s reserves this year. Dealers said the Central Bank’s plan will keep the rupee under pressure, with the market expecting about 4-6% depreciation in the currency this year. The spot rupee did not trade on Thursday. The Central Bank fixed the spot rupee reference rate at 152.50 on 5 May. The Central Bank has allowed the currency to gradually depreciate since mid-December, revising its spot reference rate multiple times.
Rocket Lab’s Electron rocket lifts off from its launch site in Mahia, on the east coast of New Zealand’s North Island on 25 May 2017. New Zealand joined the exclusive space-race club on 25 May with the successful launch of a Rocket Lab test craft named Electron.
Reuters: Sri Lankan shares ended marginally higher on Thursday as banking shares rose, but profit-booking in several recent outperformers capped gains.
The Colombo stock index ended 0.05% firmer at 6,714.95, further moving away from its lowest close since 15 May hit on Tuesday.
The index rose 0.83% last week and has climbed 11% since 31 March through Friday. Turnover stood at Rs. 394 million ($ 2.58 million), well below this year’s daily average of Rs. 909.4 million.
Foreign investors net sold shares worth Rs. 4.53 million worth of shares, but they have been net buyers of Rs. 19.39 billion worth of equities so far this year.
Shares in Nanda Investment Plc rose 8.17%, while Lion Brewery Plc rose 5.99% and DFCC bank Plc ended 3.75% up.
