Rupee soars on export dollar sales

Thursday, 3 October 2013 00:50 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended firmer on Wednesday, after having hit its strongest since mid-July, fuelled by exporter sales of dollars, while the weakening of the dollar against major currencies also boosted sentiment, dealers said. The rupee rose 0.4% in spot transactions to 131.00/10 in early trade to hit its highest since 15 July, Thomson Reuters data showed, but retreated to 131.45/50 to close slightly firmer than Tuesday’s close of 131.50/60. It gained 0.4% on Tuesday on inflows from gold sales. “We saw some exporter dollar sales in the absence of importer demand for dollars,” said a currency dealer. Other dealers said the weakening of the dollar, due to the partial US Government shutdown also boosted sentiment. The dollar, which had fallen on Tuesday as the shutdown began, fell another 0.5% to its lowest since late August against the yen. The rupee hit a record low of 135.20 on 28 August, but has managed to stem further losses since. It has risen 3.2% since hitting the record low. The Sri Lankan currency has lost 3.0% this year, after depreciating about 10% in 2012.

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.