Sri Lankan rupee steady

Economic downturnThe Sri Lankan rupee was steady in dull trade on Tuesday, dealers said, adding that expected fund inflows in the near future would likely help ease the downward pressure on the local currency.

A loan deal with the International Monetary Fund and a likely $1.5-billion bond issue in the short term had helped build confidence in the currency, the dealers said.

The spot rupee reference rate stood at 145.70, the dealers said.

The banking regulator had fixed the spot trading rate at 143.90 per dollar until May 2, they said. Officials of the central bank were not available to comment on whether it had intervened in the forex market.

“Nothing is happening so far, its a very dull day,” a currency dealer said, asking not to be named.

Trading in the spot currency has been intermittent since Jan. 27 and on Tuesday the spot was barely bid, but some movement in short-term dollar/rupee forwards indicated the rupee was trading little changed.

The spot next dollar/rupee forwards were at 146.15/30 per dollar at 0507 GMT, compared with Monday’s close of 146.15/20 per dollar.

The spot next, which acts as a proxy for spot currency, indicates the exchange rate for the day following the conventional spot settlement and was three days ahead for Tuesday’s trade.

Meanwhile, Sri Lanka’s stock market was 0.07 percent firmer at 6,599.46 as of 0518 GMT on a turnover of 86.7 million rupees ($594,854.20). (Reuters)

 

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