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

සිංහල පරිවර්තනය

Latest topics

» CIFL ANY NEWS
by Gambino7 Today at 12:13 pm

» Avoid investing in Abans Group company shares
by Wimal Modawansa Today at 10:07 am

» CFT share එක මොනව හරි දෙයක් වෙනව වාගෙ.
by sameboy Yesterday at 6:43 pm

» Beware of banking stocks
by TuTanKaman Yesterday at 7:10 am

» Tea prices up and up.Plantation shares down and down!
by Teller Yesterday at 2:44 am

» CEYLON COLD STORES PLC(CCS.N0000)
by rosa maria Sat Dec 09, 2017 4:48 pm

» BFN .. ORIENT FINANCE PLC
by Teller Fri Dec 08, 2017 10:52 pm

» SDB - AN IMPRESSIVE PERFORMANCE
by samaritan Fri Dec 08, 2017 1:30 pm

» People's Leasing Company
by Teller Fri Dec 08, 2017 10:41 am

» Sri Lanka Exports up 12.9-pct in Sept
by Teller Fri Dec 08, 2017 10:38 am

» DECEMBER DISCOUNT
by Teller Fri Dec 08, 2017 10:30 am

» LLMP - New Strategic Marketing >>> Boooom
by Teller Fri Dec 08, 2017 10:27 am

» Why LLUB.N0000 going down ?
by Teller Fri Dec 08, 2017 10:20 am

» LDEV rights
by Teller Fri Dec 08, 2017 10:16 am

» SAMP Rights Issue
by niru Thu Dec 07, 2017 8:04 pm

» Risk of top 20
by Yahapalanaya Thu Dec 07, 2017 7:56 pm

» Whats happenning with SHL
by Suranga_77 Thu Dec 07, 2017 12:54 pm

» RENUKA CAPITAL PLC (KZOO.N0000)
by Nethu Tue Dec 05, 2017 10:41 am

» ALLI-why so cheap?
by Agape Mon Dec 04, 2017 12:55 pm

» PHAR WITH LAND SALE WHAT WOULD BE THE EPS FOR NEXT QR.
by Eugine Fernando Mon Dec 04, 2017 8:51 am

» CFVF will HIT. 40 BY Next. Thursday
by Ryan Hudson Mon Dec 04, 2017 7:17 am

» best stocks to buy now
by Ryan Hudson Mon Dec 04, 2017 7:16 am

» KZOO - Renuka Capital Excellent Term Report
by The Hunter Sun Dec 03, 2017 10:58 am

» CFVF LOVERS THIS IS FOR YOU..
by Ryan Hudson Fri Dec 01, 2017 2:22 pm

» What about KOTA.R ?
by Neluka Karannagoda Wed Nov 29, 2017 11:38 am

HashFlare

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

View previous topic View next topic 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

View previous topic View next topic Back to top  Message [Page 1 of 1]

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