Rupee gains

Thursday, 25 July 2013 00:47 - - {{hitsCtrl.values.hits}}

Reuters: The rupee edged up for a second day on Wednesday due to dollar sales by banks and as foreign investors bought Government securities, currency dealers said. The rupee closed at 131.50/60, firmer from Tuesday’s close of 131.60/65. It hit a 10-month high of 131.60/70 on Friday. “We have seen some flows into the Treasury bonds and banks also sold dollars due to the tight rupee liquidity,” said a currency dealer. Dealers expect the rupee to move in a range of 131.50 to 132 in the short term and said the currency would continue to depreciate unless the central bank takes some monetary tightening measures. The rupee has fallen 4% since 7 June as foreign investors pulled out of Sri Lanka’s Treasury bonds due to a rise in US treasury yields.

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