Rupee soars to 7-month high

Friday, 21 December 2012 00:56 -     - {{hitsCtrl.values.hits}}

(Reuters) : Sri Lanka's rupee currency gained 0.63 percent to hit a seven-month high on Thursday led by exporter dollar conversion and remittances ahead of holidays, while stocks ended firmer on falling interest rates.

The rupee firmed 0.63 percent to 127.60/70 to the dollar, its highest since May 10, compared with Wednesday's close of 128.40/50, Reuters data showed. The currency hit 127.00 during trading, dealers said.

Central Bank Governor Ajith Nivard Cabraal said the rupee was likely to further appreciate due to continuous inflows.

"With the seasonal demand for imports is over, inflows will help the rupee to stabilise," Cabraal told Reuters. "It looks like the rupee will appreciate further."