Rupee stronger on bank, exporter dollar sales

Saturday, 21 September 2013 00:59 - - {{hitsCtrl.values.hits}}

Reuters: The rupee closed firmer on Friday as dollar sales by banks and exporters helped ease pressure on the currency following the US Federal Reserve’s surprise decision of not tapering its stimulus program. The rupee spot ended at 132.12/18, firmer from Wednesday’s close of 132.25/35. Sri Lanka’s markets were closed on Thursday. Dealers said the three-day forward, or spot-next, closed at 132.30/40 per dollar, slightly stronger than the previous close of 132.35/45. “The pressure has eased in the short term on global developments,” a currency dealer said. The dollar edged off a seven-month low against a basket of currencies on Friday. The rupee has been falling since early July when foreign investors started pulling out of local bonds as US Treasury yields rose in expectation of the Fed pullback. The currency hit a record low of 135.20 on 28 August, but has recovered since then. It has fallen 3.6% this year.

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