Rupee ends marginally weaker in dull trade

Friday, 23 February 2018 00:00 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended slightly weaker on Thursday in dull trade as importer dollar demand outweighed selling of the greenback by exporters

The rupee ended at 155.25/30 per dollar, compared with Wednesday’s close of 155.10/25. The rupee hit a record low of 155.90 last week.

“There was some importer dollar demand, but the market was dull with trading volume also was low,” a dealer said.

The local currency has weakened 1.3% so far this year. The domestic currency lost 2.5% last year and 3.9% in 2016. The currency is expected to be pressured by continued importer demand for dollars, dealers said. Dealers added they expect a gradual depreciation in the rupee and higher volatility this year on account of debt repayments by the government. The Government must repay an estimated Rs. 1.97 trillion ($ 12.68 billion) in 2018 - a record high - including $ 2.9 billion of foreign loans and a total of $ 5.36 billion in interest.

Foreign investors sold government securities net worth Rs. 2.1 billion in the week ended 14 February, 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.