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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Rupee to settle below 125 mark

Rupee to settle below 125 mark

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1Rupee to settle below 125 mark Empty Rupee to settle below 125 mark Wed May 23, 2012 3:06 pm

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Rupee to settle below 125 mark One%20rupee_thumb_medium380_0
May 23, 2012 (LBT) - Sri Lanka`s central bank expects recent measures it has taken to boost the rupee and sees the currency settling below 125 to the U.S. dollar, but it is not targeting a particular level, Governor Ajith Nivard Cabraal mentioned in a media statement yesterday. The rupee is hovering around 129-130 despite a warning from the Treasury Secretary last month that the authorities would intervene in the market if it did not appreciate to 125.

Cabraal say`Actually we don`t have a target as such, We don`t necessarily have a number in mind but our own assessment is that it should settle below the 125 rupee mark.` However, he said further steps to curb market speculation, which the authorities say has caused an unwarranted depreciation, could not be ruled out.

http://lbt.lk/news/economic/1912-settling-rupee

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