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Sri Lanka Equity Forum » Stock Market News » Rupee weaker on importer DOLLAR demand

Rupee weaker on importer DOLLAR demand

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1 Rupee weaker on importer DOLLAR demand on Fri Oct 30, 2015 5:09 pm

peacockman


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Rupee weaker on importer DOLLAR demand


Reuters: The rupee ended slightly weaker on Thursday as importer dollar demand outpaced greenback sales by exporters, dealers said.
The rupee ended at 140.95/00 per dollar, compared with Wednesday’s close of 140.85/95. The local currency ended stronger on Wednesday due to panic selling by exporters on fears of a rise in the currency after a sovereign bond sale.

Sri Lanka borrowed $1.5 billion via a 10-year sovereign bond sale on Tuesday at a 6.85% yield, down from an initial guidance of about 7%. 
“The rupee is weaker due to importer demand. Panic selling by exporters, which was there in early trade, has also reduced,” a currency dealer said on condition of anonymity.
Some dealers said the bond inflows are unlikely to help the currency in the medium term because of the heavy repayment in the near future.
The rupee hit a record low of 141.40 per dollar on 28 September, but recovered slightly after a State-run bank sold dollars.



30 October, 2015 08:59 AMSource: Financial Times - Sri Lanka

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