Rupee slips 0.8% before long weekend

Saturday, 5 May 2012 02:57 - - {{hitsCtrl.values.hits}}

Reuters: The rupee edged down on Friday as importers sold the currency to buy dollars to settle their bills ahead of a long weekend. The rupee ended at 127.80/128.10 against the dollar, 0.8 per cent weaker from Thursday’s close of 126.90/127.00.

“Importers wanted to make sure that they settle their bills on time ahead of a long weekend. Otherwise they will have to pay demurrage for delays,” said a dealer on condition of anonymity.

Sri Lanka has declared Monday a special holiday after two days of Buddhist religious holidays over the weekend.