Rupee firmer on inward remittances

Saturday, 21 March 2015 00:47 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended firmer on Friday as inward remittances outpaced importer dollar demand, and there was no Central Bank intervention, dealers said. Actively traded two-week rupee forwards ended firmer at 133.80/90 per dollar compared with Thursday’s close of 134.00/134.10. “There were some inflows (from inward remittances) which eased the pressure on the rupee,” said a currency dealer asking not to be named. The Central Bank, however, prevented a fall in the spot rupee and one-week forwards at 132.90/133.20 and 133.60/75, respectively, within the limits set by it. Central Bank officials were not available for comment. Dealers said there was excess rupee liquidity in the market and unless the Central Bank mopped up the local currency, it could be under depreciation pressure. They said a probe into bond auctions since 2012 is also hurting sentiment. Sri Lanka has launched a probe into allegations of corruption in Government bond sales held by the Central Bank since 2012, the Prime Minister said on Tuesday, after Opposition parties called for an independent investigation into a February bond auction.

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