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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Exporters strengthen rupee

Exporters strengthen rupee

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1Exporters strengthen rupee Empty Exporters strengthen rupee Mon Sep 03, 2012 2:44 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Heavy exporter conversions strengthened the rupee against the greenback last Thursday, currency dealers said.

"The US dollar opened at Rs. 132.35/45 and rose higher to trade at Rs. 132.45 on early importer demand. Subsequent heavy selling by exporters saw the US dollar weaken and close lower at Rs. 132.25-30.The highest trade for the day was at Rs. 132.45 and lowest was at Rs. 132.25," the Sri Lanka Forex Association said.

Authorities have said the dollar would settle at Rs. 125 after the US$ 1 billion sovereign bond issue and US$ 436 million from the final IMF standby arrangement tranche came through, but this has not happened. Meanwhile, despite the pronouncements made by the Treasury and Central Bank, currency dealers has said the dollar would hover around the Rs. 130 region.

"Unless foreign currency inflows improve via FDIs, exports, tourism earnings and remittances, any appreciation of the rupee on foreign borrowings is not a healthy sign for the economy," one currency dealer said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=60623

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