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Sri Lanka rupee opens weaker without reference rate

ECONOMYNEXT – The Sri Lanka rupee opened at 136.70 to the US dollar after authorities stopped quoting a reference for the currency, up from 134.75 to the US dollar, allowing the market to determine the rate.

The Central Bank is allowing the market to trade and will intervene if there is excessive volatility, Deputy Governor Nandalal Weerasinghe told Bloomberg Newswires.

The rupee was also traded at 137.00. The spot rupee was also quoted at and 139/140 and improved to 138.80/50 and 137.75/138.00, dealers said.

The market was allowed to find its own directrion after getting a 1.1 billion US dollar injection from the Reserve Bank of India to boost forex reserves.

Bond yields were also higher by around 20 to 30 basis points Friday. (Colombo/Sept04/2015 – Update IV)

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