lankan Rupee firmer

Thursday, 12 September 2013 00:39 - - {{hitsCtrl.values.hits}}

Reuters: The Sri Lankan rupee ended 0.4% firmer on Wednesday on exporter dollar sales, enjoying a rare respite after a three-month slide. The rupee spot, which had been inactive for several weeks, was actively traded and ended at 132.25/35 per dollar, dealers said, from Tuesday’s close of 132.80. “There was selling pressure on the dollar, but we are closely monitoring the global situation,” a currency dealer said. Dealers said the pressure on the rupee has eased and spot trading started again after some time. A modest rebound in the Indian rupee also aided sentiment. The Indian Rupee extended gains to a fifth session on Wednesday as easing geopolitical tensions in Syria led to cooling of global crude oil prices, which will help keep the country’s import bill in check. The Sri Lankan Rupee hit a record low of 135.20 to the dollar on 28 August, before recovering. The Sri Lankan Rupee has been falling since early July, with foreign investors pulling out of local bonds as US Treasury yields rose on expectations the Federal Reserve would soon begin to taper its big bond buying program. The rupee has fallen nearly 3.6% this year, after depreciating around 10% in 2012.

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