Rupee firmer

Saturday, 14 December 2013 00:31 - - {{hitsCtrl.values.hits}}

REUTERS: The Sri Lankan rupee ended slightly firmer on Friday, rising from a near two-week low in the morning as exporter dollar conversions during the latter part of the day outpaced demand for the greenback from importers. The rupee currency hit a near two-week low during the day on importer dollar demand, but dealers said they were reluctant to trade above Rs. 131 per dollar, a level the Central Bank is seen to be comfortable with. The spot rupee, which hit its lowest since the 3 December low of Rs. 130.90/131.00 intra-day, ended at Rs. 130.85/95 per dollar, firmer from Thursday’s close of 130.90/95. “The rupee came down on exporter dollar conversions during the later part of the day,” a currency dealer said. The currency has gained nearly 0.4% in seven straight sessions through Monday. Central Bank Governor Ajith Nivard Cabraal had said on Tuesday that the monetary authority would only go in for limited intervention to prevent high volatility in the rupee. Cabraal said last week that the rupee was expected to remain steady at current levels as most inflows were remittances. Currency dealers said the rupee was facing upward pressure as expatriates were sending money for their families ahead of Christmas and the New Year. The rupee has gained 3.3% since it hit a record low of Rs. 135.20 on 28 August.

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