Rupee forwards end up on remittances

Saturday, 28 March 2015 01:56 - - {{hitsCtrl.values.hits}}

Reuters: Rupee forwards ended a tad firmer on Friday as dollar inflows from remittances and exporter sales outpaced demand from a state bank for the greenback, dealers said. Actively traded two-week rupee forwards ended at 133.60/70 per dollar compared with Thursday’s close of 133.70/75. One-week forwards ended steady at 133.52/57 per dollar, a day after they edged up for the first time since 27 February. Rupee... “Inward remittances were there, but the state bank buying (dollars) capped the appreciation,” said a currency dealer on condition of anonymity. There was no intervention on forwards from the Central Bank, he added. Dealers said the downward pressure on the currency was easing with a pick-up in seasonal inward remittances ahead of the Sinhala-Tamil New Year on 14 April. They expect seasonal inward remittances to continue until the first week of April. The Central Bank through moral suasion prevented the spot rupee from dropping below 132.90/133.20, a limit it set in February. Central Bank officials were not available for comment.

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.