Rupee down on importer dollar demand

Wednesday, 20 June 2018 00:00 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended weaker on Tuesday in dull trade, near a record low hit in the previous session, as importer dollar demand surpassed greenback selling by exporters and banks, dealers said.

The spot rupee which traded at 159.99 per dollar during the day ended at 159.95/160.00 per dollar, lower than Monday’s close of 159.75/90. The rupee hit an all-time low of 160.00 per dollar on Thursday.

The currency has declined 4.2% this year.

“We did not see much of importers in the market today. But still the importer demand weighed,” a currency dealer said.

Dealers say they expect the rupee to trade in the 163-165 range by end of the year.

Foreign investors sold government securities worth a net Rs. 2.7 billion ($ 16.9 million) in the week ended 13 June, bringing the outflows so far this year to Rs. 22.6 billion, Central Bank data showed.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.