Rupee recovers from 10-month low on exporter dollar sales

Saturday, 20 July 2013 00:35 - - {{hitsCtrl.values.hits}}

REUTERS: The rupee recovered from its 10-month low to trade slightly firmer at midday helped by exporter dollar sales, but currency dealers said the downward pressure on the rupee still remained. The rupee was quoted at Rs. 131.58/63 at 0759 GMT, recovering from Thursday’s close of Rs. 131.60/65, its weakest level since 19 Sept. “This is not going to change the situation. The rupee is still under pressure,” a currency dealer said. The rupee has fallen 4.1% since 7 June, with foreign investors pulling out of Sri Lanka’s Treasury bonds due to a rise in US treasury yields. Dealers said the rupee would move in a range of Rs. 131.50 to Rs. 132.00 in the short term and continue to depreciate unless the Central Bank takes some monetary tightening measures. Currency traders said the rupee was still under pressure though Central Bank Deputy Governor Ananda Silva said on Monday that the pressure should ease with expected inflows into Government securities.

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