Dollar trades peak to Rs. 260 before settling at Rs. 250

The US dollar traded yesterday at a peak of Rs. 260 before settling at Rs. 250 following the free-float regime enabled by the Central Bank.

Dealers said trading of the US dollar at interbank level began at Rs. 240-260 and transactions done at Rs. 260 and closed at Rs. 250 amidst limited liquidity. The Central Bank quoted rates were Rs. 249.96 (buying) and Rs. 259.99 (selling).

Wealth Trust Securities said the USD/LKR rate on spot contracts was seen closing the day at Rs. 255/265 yesterday subsequent to trading within a range of Rs. 250 to Rs. 260.

Despite reports to the effect that there was no trading on Wednesday, Wealth Trust said the total USD/LKR traded volume for 9 March was $ 90.50 million.

Uncertainty and confusion persisted yesterday within forex markets, the banking and trading sectors whilst CBSL is yet to shed clarity to the public on the new status quo of the currency