Rupee rebounds

Wednesday, 24 July 2013 01:02 - - {{hitsCtrl.values.hits}}

Reuters: The Sri Lankan rupee edged up on Tuesday from its 10-month low as exporters sold dollars in light trade, but currency dealers said the downward pressure remained. The rupee traded at 131.50 per dollar during the day before ending at 131.60/65, 0.02 percent firmer than Friday’s close of 131.60/70, the lowest since Sept. 19. Markets were closed on Monday for a public holiday. “It was a quiet day and the rupee came off with no real importer demand,” 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 percent since June 7 as foreign investors pulled out of Sri Lanka’s treasury bonds due to a rise in U.S. treasury yields.

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