Sri Lankan stocks gain, rupee up

Dhaka,  Monday,   2016-09-22
Published : 22 Sep 2016, 14:07:38

Sri Lankan stocks gain, rupee up

Sri Lankan stocks gain, rupee up
Sri Lankan shares gained on Thursday. The benchmark Colombo stock index rose 0.25 per cent at 6,467.48 as of 0659 GMT.

Turnover was at 1.27 billion rupees ($8.70 million).

The Sri Lankan rupee edged up as dollar sales by a foreign bank helped currency forwards outpace importer dollar demand.

But the market expects the rupee to be under downward pressure due to a rise in demand for imports, dealers said.

Rupee forwards were actively traded and one-week forwards were at 146.30/40 at 0645 GMT, firmer from Wednesday's close of 146.60/70.

Traders were unwilling to trade the spot rupee below 146.00 , the level desired by the central bank, on Tuesday, dealers said.

The spot rupee was quoted at 145.90/146.40 at 0645 GMT.

The spot rupee is usually managed by the central bank and market participants use the forward market levels for guidance on the currency, according to Reuters.

-SRS-
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