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The Central Bank has sold US$ 280 million to maintain the exchange rate since the rupee was devalued by 3 percent in November 22, dealers said.
According to official data published by the Central Bank US$ 614.59 million was sold in July and August alone to keep the dollar at Rs. 110.31. Now, the dollar continues to be maintained at 113.93.
Dealers said around US$ 295 million was sold by the Central Bank since the 3 percent devaluation as import demand continues to pressurise the exchange rate, but close to a billion US dollars is expected to flow in the short term.
"The relaxation of the 10 percent limit on foreign investment in government securities to 12.5 percent is expected to attract a further US$ 650 million while banks and top corporates are expected to borrow from international markets and generate an inflow of around US$ 400 million in the short term which should ease the pressure on the exchange rate," a dealer said.
Reuters newswire services also reported the US$ 295 million sale yesterday and said that almost US$ 2 billion has been spent to defend the exchange rate this year up to the end of September.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=41037
According to official data published by the Central Bank US$ 614.59 million was sold in July and August alone to keep the dollar at Rs. 110.31. Now, the dollar continues to be maintained at 113.93.
Dealers said around US$ 295 million was sold by the Central Bank since the 3 percent devaluation as import demand continues to pressurise the exchange rate, but close to a billion US dollars is expected to flow in the short term.
"The relaxation of the 10 percent limit on foreign investment in government securities to 12.5 percent is expected to attract a further US$ 650 million while banks and top corporates are expected to borrow from international markets and generate an inflow of around US$ 400 million in the short term which should ease the pressure on the exchange rate," a dealer said.
Reuters newswire services also reported the US$ 295 million sale yesterday and said that almost US$ 2 billion has been spent to defend the exchange rate this year up to the end of September.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=41037
