Sri Lankan rupee falls

Dhaka,  Tue,  26 September 2017
Published : 19 May 2017, 13:14:35

Sri Lankan rupee falls

Sri Lankan rupee falls
The Sri Lankan rupee fell on Friday on importer dollar demand and fewer exporter conversions.

The currency dropped as investors said the rupee could weaken further after the central bank decided to buy dollars directly from the market to boost reserves.

Rupee forwards were active, with spot-next forwards trading at 152.90/153.00 per dollar at 0533 GMT, compared with Thursday's close of 152.85/90. 

One-week forwards were trading at 153.15/25, compared with the previous session's close of 152.95/153.00.

Sri Lanka's central bank is targeting $1.2 billion in direct market purchases of dollars to boost the island nation's reserves this year, said Indrajit Coomaraswamy, the monetary authority's chief, on Thursday.

That comes after Sri Lanka missed its end-December reserves target agreed with the International Monetary Fund (IMF) for a $1.5 billion, 36-month loan.

Coomaraswamy said the central bank has purchased around $400 million directly from the market so far this year.

The spot rupee did not trade on Friday.

Sri Lankan shares were down 0.32 per cent at 6,719.38 as of 0613 GMT. Turnover stood at 258.4 million rupees ($1.69 million), according to Reuters.
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