Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.

Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

Submit Post
සිංහල පරිවර්තනය

Display results as :


Rechercher Advanced Search

Latest topics

» AFSL can be a gem..
by Miss-Sangeetha Yesterday at 4:32 pm

by ranferdi Yesterday at 1:48 pm

» Gold Price
by suku502 Fri Feb 23, 2018 9:25 pm

» COCR can be attractive
by suku502 Fri Feb 23, 2018 5:24 pm

» COMB.X is in support Level will hit 112 in coming weeks
by suku502 Fri Feb 23, 2018 5:22 pm

» JINS Share Repurchase
by DS Wijesinghe Fri Feb 23, 2018 2:07 pm

by DS Wijesinghe Fri Feb 23, 2018 1:56 pm

» Wiser's TA Chart Room
by wiser Fri Feb 23, 2018 11:54 am

» LDEV / ELPL / UDPL Best Plantation results as of 31/12/17 ?
by glad Fri Feb 23, 2018 6:56 am

» What happened to Janashakhi.... I sold 2 weeks ago. Total gain i lost over 150000
by glad Fri Feb 23, 2018 6:52 am

» What to buy?
by Ryan Hudson Thu Feb 22, 2018 10:19 pm

by wisdom79 Thu Feb 22, 2018 6:23 pm

» Share my Portfolio gain to build morale and confidence over you !!!!
by wiser Thu Feb 22, 2018 4:00 pm

» Sri Lanka records BOP surplus of US$2.05bn in 2017
by DS Wijesinghe Thu Feb 22, 2018 2:06 pm

» Bus-explosion
by samaritan Thu Feb 22, 2018 1:09 pm

» SDB bank would be 120+
by hettdas Thu Feb 22, 2018 9:52 am

» Reason Behind SFS Booooming
by trasantha Thu Feb 22, 2018 8:21 am

» SL Rupee reaches record lows
by Sstar Wed Feb 21, 2018 11:05 pm

» Sri Lanka's ETI affiliate says no approval for investor yet
by Sstar Wed Feb 21, 2018 11:01 pm

» Winds of Change in Sri Lanka
by Sstar Wed Feb 21, 2018 10:55 pm

Forum Disclaimer

The information contained in this forum have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein. its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever.

Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market News » Rupee plunges to record low on importer dollar demand

Rupee plunges to record low on importer dollar demand

Go down  Message [Page 1 of 1]

Melissa Pereira

Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The rupee fell 0.25% on Friday, hitting a record low as late importer dollar demand outpaced greenback conversions from exporters, dealers said.
The rupee is expected to fall further in the short term if the Central Bank fails to tighten interest rates or the country does not see strong inflows soon, some dealers said.

The spot rupee ended at 139.30/50 per dollar surpassing its previous all-time low of 139.00 hit on 4 September and weaker from Thursday’s close of 138.95/139.10.
Some dealers said imports of vehicles might slow down ahead of the budget, but fast moving import goods would continue. The Government will present the 2016 annual budget in November.

Finance Minister Ravi Karunanayake said on Wednesday that the rupee will be brought to an acceptable level before too long and interest rates, which have been on a rising trend, will be pushed down.

State-run banks, through which the Central Bank directs the market, did not sell dollars or give a reference rate for the currency as in the past, dealers said.

[size=30]Bourse edges down on weaker rupee, policy uncertainty[/size]

Shares edged down on Friday in light trade for a second session, led by falls in banking and telecommunication shares, as a weakening rupee and high interest rates prompted investors to cut their positions in risky assets, brokers said.

Trading volume remained low as investors awaited cues from the policy of the new Government.

The main stock index ended 0.09% or 6.45 points weaker at 7,153.49. Turnover stood at Rs. 474.6 million ($3.4 million), well below this year’s daily average of Rs. 1.13 billion.

“Lack of policy direction is the main problem and investors are waiting to see the budget and how the Government is going to bridge the budget deficit,” said Dimantha Mathew, a Research Manager at First Capital Equities Ltd.

“This trend will continue until a clear statement or some sort of a positive signal comes in.”

On Tuesday, the Bourse hit a near eight-week low as investors waited for economic policies from the newly-formed Government. A weaker rupee curbed investor risk appetite and rising market interest rates also hit sentiment with T-bill yields were at more than five-month high.

Foreign investors sold a net Rs. 86.2 million worth shares on Friday extending the year to date net foreign outflow to Rs. 3.29 billion worth of equities so far this year.

Shares in biggest listed lender Commercial Bank of Ceylon Plc fell 0.54% and Dialog Axiata Plc fell 0.88%, dragging down the overall index
Courtesy: Daily Financial Times 12 September 2015

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum