Rupee roars to one-year high

Friday, 5 April 2013 04:01 - - {{hitsCtrl.values.hits}}

Reuters: The rupee firmed to its highest close in nearly a year on Thursday on high remittances and selling of dollars by exporters ahead of a festival season, currency dealers said, while stocks rose on foreign buying of bank shares.

The rupee ended 0.44% firmer at 125.65/70 to the dollar from Wednesday’s close of 126.20/25, its highest level since 9 April 2012.

“This is mainly due to seasonal inflows due to inward remittances and exporter conversion of dollars ahead of the New Year festival this month,” said a currency dealer who declined to be identified.

Sri Lankans will celebrate the traditional New Year on 13 and 14 April.

The currency has risen 1.6% this year after falling 10.7% in 2012.