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The rupee fell sharply on Tuesday (12) on importer demand before moral suasion by the Central Bank brought the exchange rate under control, currency dealers said.
The rupee began the day at Rs. 131.80/132.00 against the greenback and soon fell to a low of Rs. 133.50 on import demand before a transaction involving a state bank strengthened it to Rs. 132.20/40.
"The Central Bank is not intervening in the market. It has not sold a penny from its reserves for a very long time, but we believe moral suasion was used to influence the actions of a state bank which strengthened the rupee," currency dealers told The Island Financial Review.
The rupee closed at Rs. 132.60/80, still lower than the previous day’s close.
Moral suasion is where the Central Bank influences the market without using any of the tools available at its disposal.
"In moral suasion, a phone call, directive or face to face meeting usually does the trick," one dealer said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=54264
The rupee began the day at Rs. 131.80/132.00 against the greenback and soon fell to a low of Rs. 133.50 on import demand before a transaction involving a state bank strengthened it to Rs. 132.20/40.
"The Central Bank is not intervening in the market. It has not sold a penny from its reserves for a very long time, but we believe moral suasion was used to influence the actions of a state bank which strengthened the rupee," currency dealers told The Island Financial Review.
The rupee closed at Rs. 132.60/80, still lower than the previous day’s close.
Moral suasion is where the Central Bank influences the market without using any of the tools available at its disposal.
"In moral suasion, a phone call, directive or face to face meeting usually does the trick," one dealer said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=54264
