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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Importers drive down rupee, exporters bring it up

Importers drive down rupee, exporters bring it up

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CSE.SAS

CSE.SAS
Global Moderator
The rupee closed flat against the greenback on Friday (13) after importer demand saw the currency weaken to Rs. 133.95 against the dollar before export conversions brought it up to Rs. 113.80/85.

"The rupee closed unchanged at Rs. 133.80-85 against the dollar from its opening level of Rs. 133.80-90 in spite of continuous importer demand from a state name and others, which saw the rupee weakening towards 134.00 with the highest trade for the day was at 133.95. However, exporter selling curbed the rupee fall and the low was at 133.84," the Sri Lanka Forex Association said.

The rupee was floated earlier this in a late response to a balance of payments crisis and has seen sharp depreciation since then.

The Treasury and Central Bank have maintained that the rupee would stabilise at around Rs. 125 against the dollar, but dealers said Rs. 128/132 was a more realistic level.

From July 2011 to February 2012, The Central Bank sold down almost US$ 3 billion from the reserves to maintain the rupee at an artificial level.

On an average, the sale of foreign exchange by the Central Bank has reduced from around US$ 500-600 million per month prior to the adjustment to below USS 200 million a month after the adjustment and below US$ 50 million in June 2012, Treasury Secretary Dr. P. B. Jayasundera said last week.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=56870

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