Rupee gains on remittances, banks’ rupee demand

Friday, 4 April 2014 00:46 - - {{hitsCtrl.values.hits}}

Reuters: The rupee closed firmer on Thursday after being defended through six-straight sessions as banks sold dollars to meet customer demand and remittances ahead of the festive seasons, dealers said. The spot rupee ended at 130.63/65 per dollar, up from Wednesday’s close of 130.70/75. “There were not much of demand for dollars. We have seen remittances coming in and banks sold dollars due to festive (rupee) demand,” said a currency dealer asking not to be named. The local currency was steady at 130.70 per dollar for the last six sessions as dealers were reluctant to trade the local currency beyond 130.70 per dollar through Wednesday due to moral suasion by the Central Bank. But they said the depreciation pressure is expected to ease due to expected inflows from remittances that will prompt dollar selling by banks. Dealers said lack of credit demand for imports will help reduce downward pressure on the rupee. The currency has gained 0.31% since 27 February, but has lost 0.11% so far this year, Thomson Reuters data showed.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.