Sunday Mar 16, 2025
Thursday, 8 December 2016 00:01 - - {{hitsCtrl.values.hits}}
Reuters: The Sri Lankan rupee ended steady on Wednesday, but dollar demand from state banks and foreign banks put pressure on the currency, dealers said.
Rupee forwards SLKR were active, while spot-next forwards ended at 148.90/95 per dollar, unchanged from Tuesday’s close.
“State banks and foreign banks bought (dollars),” said a currency dealer, asking not to be named, adding that importer dollar demand and bond sales by foreign investors continued to pressure the rupee.
The pressure on the rupee is expected to ease when the seasonal inward remittances begin and importer dollar demand weakens ahead of the year-end festival season, dealers said.
However, a few dealers expect the rupee to continue to be under pressure on fears that US President-elect Donald Trump’s economic policies will lead to a stronger greenback and trigger foreign fund outflows.
On Tuesday, the Central Bank raised the spot preference rate by 20 cents to 147.50 per dollar, dealers added.
The spot rupee was hardly traded, but was quoted at 148.40/149.00.
Foreign investors have net sold Rs. 42.1 billion worth of Government securities in the seven weeks ended 30 November, ahead of an expected Fed rate hike in December.
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.
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.