Sri Lankan rupee edges down

Dhaka,  Sun,  04 December 2016
Published : 23 Nov 2016, 14:37:03

Sri Lankan rupee edges down; stocks up 

Sri Lankan rupee edges down
The Sri Lankan rupee fell slightly on Wednesday due to dollar demand from importers on fears that US President-elect Donald Trump's policies would lead to a rise in rates and the greenback.

Foreign investors might pull out of emerging markets, including Sri Lanka, if the Fed raises interest rates next month, dealers said.

Rupee forwards were active, with spot-next forwards at 148.65/75 per dollar as of 0620 GMT, compared with Tuesday's close of 148.60/70.

The central bank on Friday revised the spot rupee reference rate to 147.95 per dollar from 147.75.

The spot rupee was hardly traded on Wednesday, but was quoted at 148.20/95.

The rupee is also under pressure as foreign investors exit government securities due to the new taxes proposed in the budget, dealers said.

Sri Lankan shares were marginally firmer with the benchmark Colombo stock index up 0.06 per cent at 6,259.76 as of 0626 GMT. Turnover was 117.04 million rupees, according to a news agency report.

-SRS-
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