Sri Lanka spot market resumes, rupee closes stronger at Rs350/357 to dollar

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ECONOMYNEXT – Sri Lanka’s spot market has become active after the central bank reduced a surrender requirement leaving more dollars to be used in the banking system and a trading band was also widened.

The rupee opened around 360/365 to the US dollar and business was done around 356 in intra-day trading, dealers said.

https://economynext.com/sri-lanka-spot-market-resumes-rupee-closes-stronger-at-rs350-357-to-dollar-113520/

K.R

K.R

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Sri Lanka rupee opens stronger at 353/355 to US dollar
Wednesday March 1, 2023 10:24 am
ECONOMYNEXT – Sri Lanka’s rupee opened stronger at 353/355 to the US dollar in the spot market Tuesday dealers said after a surrender rule was relaxed, reducing central bank purchases.

The rupee closed wide around 350/357 on Monday.

A central bank guidance peg was also appreciated to 358.46 to the US dollar from 361.63 a day earlier.

Sri Lanka’s rupee collapsed from 200 to 360 to the US dollar in 2022 as a float failed due to a the surrender rule, after two years of money printing to mis-target rates for output gap targeting (stimulus).

The rupee was re-pegged at 360 to the US dollar and with interventions on both sides, after hiking rates to slow private credit and phase out money printing.

Inflation has started fall sharply over the past few months.

Banks are also selling excess dollars to the central bank, dealers said. (Colombo/Mar01/2023)

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Sri Lanka spot market resumes, rupee closes stronger at Rs350/357 to dollar

1 Sri Lanka spot market resumes, rupee closes stronger at Rs350/357 to dollar Wed Mar 01, 2023 7:51 am

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2 Re: Sri Lanka spot market resumes, rupee closes stronger at Rs350/357 to dollar Wed Mar 01, 2023 11:02 am

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