Banks shun forex deals after dollar fixed at Rs. 203

Thursday, 9 September 2021 03:54 - - {{hitsCtrl.values.hits}}

The forex market remained largely inactive for a second consecutive day following the request by the Central Bank to keep the US Dollar exchange rate at maximum of Rs. 203.

Daily FT learns industry leaders Bank of Ceylon and People's Bank hadn’t done any major transactions including opening of LCs so far nor have other banks.

Prior to the Central Bank's “moral suasion” the US Dollar selling rate was quoted by banks between Rs. 225 and Rs. 235. In the black market it was between Rs. 240 and Rs. 250.

Analysts said that the forex market and the banks were apparently waiting for a firmer assurance from the Government on the likely forex inflows as well as a more proactive role from the Central Bank in terms of supply of US Dollars, as well as faster conversion of forex earnings by exporters.

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