Rupee at 6-week high; upward pressure remains

Saturday, 7 December 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: The Sri Lankan rupee ended firmer for a fifth straight session on Friday, rising to its six-week closing high as inward remittances and exporter dollar conversions outpaced importer dollar demand. The spot rupee ended at Rs. 130.75/85 to a dollar, its highest close since 25 October, from Thursday’s close of Rs. 130.80/85. It has gained nearly 0.38% in five straight sessions. Dealers said the rupee is still facing upward pressure due to continued remittances from expatriates for their families ahead of Christmas and the New Year. “Inward remittances were there and we did not see any state bank intervention late in the day,” a currency dealer said. Central Bank Governor Ajith Nivard Cabraal said on Tuesday the rupee was expected to remain steady at the current levels with most inflows being remittances. The rupee has gained 3.4% since it hit a record low of Rs. 135.20 on 28 August.

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.