Sri Lanka’s rupee hit 260 to the US dollar on Thursday in the interbank market and banks have started sell dollars at 250/260 for telegraphic transfers as a float of the rupee progresses steadily.
“A trade was done at 260 rupees,” a dealer said. “Only a quarter million dollars were traded. The market is now at 270/285 rupee per dollar.
“Exporters have become greedy now. They are waiting for rupee to further depreciate.”
The rupee opened at 240/260 in the morning with a wide 20 rupee gap. At 275/285 the two way has narrowed to 10 rupees by mid-day.
It is normal for the currency to fall and stabilize in a float.
Though the interbank forex market is open, not much trading expected for the rest of the day.
For customers banks are offering to sell dollars for telegraphic transfers 260 rupee and buy them at 250 rupees.
“We observe the banks are cautious and that is a good sign and their guidance to clients would also be helpful at this juncture,” Central Bank Governor Nivard Cabraal said.
“Our bankers are mature and responsible breed and we have confidence and that they too act in a responsible manner that would be fair to all stakeholders, importers exporters borrowers, lenders and expatriate workers.”
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“A trade was done at 260 rupees,” a dealer said. “Only a quarter million dollars were traded. The market is now at 270/285 rupee per dollar.
“Exporters have become greedy now. They are waiting for rupee to further depreciate.”
The rupee opened at 240/260 in the morning with a wide 20 rupee gap. At 275/285 the two way has narrowed to 10 rupees by mid-day.
It is normal for the currency to fall and stabilize in a float.
Though the interbank forex market is open, not much trading expected for the rest of the day.
For customers banks are offering to sell dollars for telegraphic transfers 260 rupee and buy them at 250 rupees.
“We observe the banks are cautious and that is a good sign and their guidance to clients would also be helpful at this juncture,” Central Bank Governor Nivard Cabraal said.
“Our bankers are mature and responsible breed and we have confidence and that they too act in a responsible manner that would be fair to all stakeholders, importers exporters borrowers, lenders and expatriate workers.”
Economynext
