Saturday, 13 July 2013 00:37
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Reuters: The rupee fell 0.29% on Friday as the Central Bank stayed away from the market after intervening earlier in the week, dealers said. The rupee closed at 130.95/131.00 to the dollar, weaker than Thursday’s close of 130.60/80.
“There was good liquidity for the importer dollars demand and we have not seen Central Bank intervention,” said a currency dealer asking not to be named.
The rupee fell 3.12% in June as foreign investors pulled out of Sri Lankan Treasury bonds due to a rise in US treasury yields on concerns the Federal Reserve would soon start trimming its stimulus program.
Currency dealers expect the depreciation pressure to ease after Federal Reserve Chairman Ben Bernanke signalled that the US central bank may not be as close to slowing stimulus as investors had begun to expect.
