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Sri Lanka rupee touches 139.00 to the US dollar in forex markets

ECONOMYNEXT – Sri Lanka’s rupee touched 139.00 to the US dollar Thursday in the spot forex market after falling steadily from last Friday as authorities ended heavy interventions in a bid to float the currency.

Till mid-morning the rupee was quoted at 139.00/10 to the US dollar but there was no trading.

The rupee closed at 138.95/139.05 Thursday.

On Friday when the attempt to float the rupee began, a state lender which acts for the Central Bank sold dollars at 139.00 levels making dealers nervous about hitting an offer at or above that price.

The rupee has fallen steadily from 134.75 to 138.80/90 levels until Wednesday.

On Wednesday the Central Bank rejected bids for a 24 billion rupee tranche of Treasury bills which if repaid with printed money would inject more rupee reserves to the banking system, expanding credit, imports and weakening the currency, analysts say.


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