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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan rupee falls to near 7-mth low; depreciation pressure persists

Sri Lankan rupee falls to near 7-mth low; depreciation pressure persists

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sriranga

sriranga
Co-Admin
COLOMBO, June 24 (Reuters) - Sri Lanka's rupee hit a near seven-month low on Monday, before a state-controlled bank intervened to stabilise the currency, dealers said, amid continuous depreciation pressure due to dollar demand from importers and foreign investors who are exiting in the wake of rising U.S. treasury yields.

The lowest trade was at 129.00 per dollar, dealers said, before the currency closed at 128.90/129.00, edging down slightly from Friday's close of 128.90/95.

Two dealers said one of the two state-run banks, through which the central bank usually directs the market, sold dollars to ease depreciation pressure.

Dealers said some foreign investors also booked forwards to hedge their exposure, tracking foreign outflows in other Asian peers.

'The rupee is going to remain under pressure until the U.S. treasuries settle. Until such time we are going to see a highly volatile rupee,' a currency dealer said on condition of anonymity.

The rupee fell 0.33 percent last week, after losing 1.6 percent in the week previous to that, which currency dealers attributed to foreign investors selling debt as part of a broader selloff in emerging markets.

Foreign investors have been shifting to treasury bills while selling longer tenure T-bonds, the latest central bank data showed on Friday, as a rise in U.S. treasury yields has prompted many offshore investors to rush to the exits.

The local currency has weakened 1.1 percent so far this year, following a 10.7 percent depreciation in 2012 as the central bank opted for a flexible exchange rate regime in February 2012.

The central bank on Monday shrugged off the likelihood of fresh pressure on the rupee, despite the widening of the trade deficit in April.

Sri Lanka's main stock index edged down to a seven-week low with turnover slumping to a six-month low with some retail investors taking profits.

The bourse ended 0.1 percent, or 5.89 points, weaker at 6,149.38, its lowest since May 6 on concerns of a possible pullout by more foreign funds.

The market witnessed net foreign inflows of 47 million rupees ($364,800) on Monday in low foreign activity, extending net foreign buying in shares to 16.25 billion rupees so far this year.

The day's turnover was at 201 million rupees, its lowest since Dec. 24, a fifth of this year's daily average of 1.02 billion rupees.

($1 = 128.8500 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)

(ranga.sirilal@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net)(twitter.com/rangab a)
http://www.xe.com/news/2013/06/24/3409941.htm

http://sharemarket-srilanka.blogspot.co.uk/

2Sri Lankan rupee falls to near 7-mth low; depreciation pressure persists Empty Sri Lanka stocks close down 0.10-pct Mon Jun 24, 2013 6:55 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 24, 2013 (LBO) - Sri Lanka's stocks closed down at 0.10 percent on Monday continuing its downward trend from the previous week with investors taking profit and losses in the heavy index stocks, brokers said.

The benchmark Colombo All Share Index closed 05.89 points lower at 6,149.38 and the S&P SL 20 Index closed 5.73 points higher at 3,472.30 up 0.17 percent.

Turnover was 200 million rupees down from 564 million on Friday.

Foreigners brought 77 million rupees worth shares while selling 30 million rupees in a day that 58 stocks advanced and 117 stocks declined.

Carsons Cumberbatch contributed most to the index closing at 446.80 rupees up 11.10, Nestle Lanka gained 19.80 rupees to close at 1338.80 rupees and George Steuart Finance closed at 599.00 rupees up 38.90 rupees.

Negative contributors included John Keells Holding losing 1.10 rupees to close at 264.00 rupees, Ceylon Tobacco Company closed at 1000.00 rupees down by 4.90 rupees Sri Lanka Telecom lost 50 cents to close at 40.00 rupees.

Pan Asia closed at 19.30 rupees down 30 cents. Union Bank of Colombo closed at 17.80 rupees down 20 cents. Sampath Bank closed at 202.50 rupees down up 40 cents and Commercial Bank of Ceylon gained 60 cents to close at 115.90.

Distilleries Company crossed closed at 192.80 rupees down 1.50 rupees and The Lions Brewery closed at 392.30 rupees up by 6.70 rupees.

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