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Can there be another Covid-19 wave in Sri Lanka?

Rupee down on seasonal demand, liquidity down to two month low Vote_lcap68%Rupee down on seasonal demand, liquidity down to two month low Vote_rcap 68% [ 178 ]
Rupee down on seasonal demand, liquidity down to two month low Vote_lcap18%Rupee down on seasonal demand, liquidity down to two month low Vote_rcap 18% [ 47 ]
Rupee down on seasonal demand, liquidity down to two month low Vote_lcap13%Rupee down on seasonal demand, liquidity down to two month low Vote_rcap 13% [ 35 ]

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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Rupee down on seasonal demand, liquidity down to two month low

Rupee down on seasonal demand, liquidity down to two month low

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CSE.SAS

CSE.SAS
Global Moderator
The rupee continued to slide against the US dollar while interbank rupee liquidity fell to a two month low yesterday (21), with currency dealers claiming the Central Bank was engaging in some "good moves" which were unlikely to fuel macroeconomic instabilities as in 2011.

Foreign exchange swaps conducted by the Central Bank absorbed rupee liquidity from the banking system, taking excess liquidity down to Rs. 8.16 billion on Thursday, from Rs. 16.88 billion a day earlier and Rs. 46 billion a week earlier.

"Not so long ago the Central Bank used to sell dollars to the system and then inject the rupee shortfall into the system, called sterilised foreign exchange sales, and when interest rates were kept artificially low this fuelled credit growth, put pressure on inflation and subsequently the exchange rate was under pressure as well, but now the Central Bank is behaving differently and we are seeing some good moves by the bank," one dealer said.

A day before, the Central Bank allowed benchmark Treasury bill yields to increase by as much as 10bps.

"Continuing like this, we are unlikely to see inflationary pressures build up, credit expand too fast nor the currency weaken," another dealer said.

The rupee fell against the US dollar yesterday mainly on seasonal import demand closing at Rs. 126.96/127.00 from an opening position of Rs. 126.75/78 against the greenback.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=75211

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