Rupee down marginally on importer dollar demand
Reuters: The rupee fell slightly against the dollar on Friday as importer demand for the greenback outpaced inward remittances and selling of the US currency by exporters, dealers said.
They said the three-day forward, or spot next, was actively traded.
They expect the local currency to remain steady for the rest of the year after Central Bank Governor Ajith Nivard Cabraal said recently the banking regulator would intervene in the thinly-traded market whenever needed to keep the rupee stable.
The rupee was quoted at 130.22/24 per dollar at 0531 GMT, weaker than Thursday’s close of 130.20/24.
The spot next was traded at 130.24/26 per dollar, same as Thursday’s close.
Dealers said they are waiting for the results of National Savings Bank’s dollar bond sale.
Foreign investors bought a net Rs. 250 million ($ 1.9 million) worth of Government securities in the week ended 27 August, official data showed.
The Central Bank did not offer 91-day t-bills at the weekly auction on Wednesday after it rejected all bids in the last two auctions, while yields on the 182-day and the 364-day Treasury bills held steady for the third time.
Sri Lankan shares were up 0.22%, or 15.36 points, at 7,075.96 at 0534 GMT, their more than three-year high.
Turnover was Rs. 446.3 million ($3.43 million), with 10.3 million shares changing hands.