FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» The war in Ukraine is no longer shocking the wheat market
by ResearchMan Today at 12:44 pm

» POSITIVES & TARGETS BY IMTIAZ BUHARDEEN
by cseguide Today at 11:34 am

» Analysis: China casts giant shadow over emerging nations' chase for debt relief
by ChooBoy Today at 7:38 am

» In STOCK MARKET despite all odds, there is always hope. Never ever give in nor give up.
by atuts Yesterday at 2:14 pm

» India raises import tax on gold to support rupee and amid trade deficit
by ResearchMan Sat Jul 02, 2022 2:09 pm

» When will supply chain disruptions ease?
by ResearchMan Sat Jul 02, 2022 9:57 am

» Expolanka to continue its winning streak
by samaritan Fri Jul 01, 2022 4:12 pm

» Govt gets its priorities wrong
by samaritan Fri Jul 01, 2022 10:25 am

» Ambassador assures U.S. support to Sri Lanka to find solutions to economic issues
by samaritan Fri Jul 01, 2022 10:16 am

» IMF-Sri Lanka bailout talks end without a deal
by ChooBoy Fri Jul 01, 2022 9:16 am

» Sri Lanka Breaks Into Hyperinflation Zone Amid Dollar Crunch
by CHRONICLE™ Fri Jul 01, 2022 8:11 am

» Sri Lanka needs to do more on debt restructuring before a bailout package is finalised, says IMF
by CHRONICLE™ Fri Jul 01, 2022 8:06 am

» Global COVID cases rise as BA.4 and BA.5 expand
by samaritan Fri Jul 01, 2022 7:04 am

» We’re seeing a shift toward international and value stocks, says Schwab’s Kleintop
by target1 Wed Jun 29, 2022 2:40 am

» Wall Street stumbles as consumer pessimism stokes growth fears
by target1 Wed Jun 29, 2022 2:34 am

» Free Market Capitalism vs. Crony Capitalism
by target1 Wed Jun 29, 2022 2:30 am

» Sri Lankan corporations reap large profits as workers and rural toilers face poverty and starvation
by CHRONICLE™ Tue Jun 28, 2022 6:37 pm

» අද රාත්‍රියෙන් පසු, යක්ෂයාගේ හෝරාව ඇරඹේ!
by God Father Tue Jun 28, 2022 6:13 pm

» Derana 360 with Minister Dhammika Perera
by samaritan Tue Jun 28, 2022 1:07 pm

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by LHW Tue Jun 28, 2022 9:24 am

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Rupee steady on state bank dollar sales

Rupee steady on state bank dollar sales

Go down  Message [Page 1 of 1]

1Rupee steady on state bank dollar sales Empty Rupee steady on state bank dollar sales Wed Jul 04, 2012 12:48 am

CSE.SAS

CSE.SAS
Global Moderator

The rupee fell slightly on Monday but was held up by a state bank selling dollars in the market.

"The rupee opened at Rs. 133.60/134.00 against the dollar on Monday in light trading. (Dollar) selling was evident from a state name at Rs. 133.70, which was also the low for the US dollar. However, due to light demand it closed at Rs. 133.75/134.00 with the highest trade at Rs.133.90," the Sri Lanka Forex Association said.

Currency dealers said there was a certain degree of intervention by the Central Bank to keep the exchange rate stable, although the bulk of the sale was genuine trades by the state bank.

"The dollar sales by the Central Bank are not as huge or dominant as last year, but there is an attempt to keep the rupee under control. The political cost of a falling currency is huge. The import demand we are seeing now is for bookings made earlier this year, but within two months we should see a decline," a currency dealer said not wanting to be named.

Export conversions are not significant and currency dealers said the Central Bank was aggressively buying up dollars, which also adds to the depreciation pressure as the market faces some constraints to meet import demand.

"When importers begin to replenish their inventories we could see further pressures on the exchange rate, which would in turn put pressure on domestic prices with inflation already rising," a currency dealer said.

Economists have urged the government to persist with the policy measures taken to correct the balance of payments problem, as it would place Sri Lanka on a much more sustainable growth trajectory in the long run. Giving into political pressures would be counter productive, and would only delay the inevitable as it always has, with people having to face the full impact of sudden, painful adjustments.

"If corrective measures to counter the balance of payments problem were adopted towards the latter half of 2011, the impact on the people would not have been so severe as it was when measures were taken late in February this year," an economist said, not wanting to be named.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=55899

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum