Rupee rises to near 1-week high

Friday, 1 November 2013 03:35 - - {{hitsCtrl.values.hits}}

Reuters: The rupee strengthened to a near one-week high on Thursday as exporters sold dollars, but downward pressure on the currency is expected in the near term because of the year-end seasonal demand, dealers said. The spot rupee closed at 130.85/92 per dollar, its highest since 25 October and firmer than Wednesday’s close of 130.95/131.05. Dealers said year-end import demand for dollars could put downward pressure on the local currency. The currency, which appreciated 0.4% last week on foreign buying in the rights issue of Sri Lanka’s biggest conglomerate John Keells Holdings Plc, hit a near four-month closing high on 24 October. The rupee hit a record low of 135.20 on 28 August, but has managed to stem further losses and is up 3.29% since then.

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