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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Spot rupee steady; forwards tad weaker

Spot rupee steady; forwards tad weaker

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1Spot rupee steady; forwards tad weaker Empty Spot rupee steady; forwards tad weaker Wed Jul 08, 2015 8:54 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

The Sri Lankan rupee ended steady yesterday in dull trade as a state-run bank sold dollars at 133.60 to keep the currency flat while the forwards ended slightly weaker as importer dollar demand surpassed inward remittances, dealers said. 


The state bank, through which the central bank usually directs the market, lowered the dollar selling rate on Thursday by 10 cents from the previous session’s close of 133.70. 


It remains to be seen whether the Central Bank can sustain the rupee’s appreciating trend as import demand could pick up due to lower interest rates, dealers said, while pressure on the currency could build up as exporters might stop selling dollars until the elections are over. Three-month forwards ended a tad weaker at 135.35/40 per dollar compared with Friday’s close of 135.30/40, dealers said. 


“The forwards ended weaker on importer dollar demand, thanks to some inward remittances it did not fall much,” said a currency dealer. President Maithripala Sirisena dissolved parliament on June 26 and scheduled the election for August 17, in an effort to consolidate power and push through political reforms, ending a months-long deadlock. 
Courtesy: Daily mirror 8 July 2015 

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