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Sri Lanka Equity Forum » Political and Socio-Economic Analysis » Rupee recovers from record low on bank, exporter dollar sale

Rupee recovers from record low on bank, exporter dollar sale

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Melissa Pereira

Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
[size=48] The rupee ended slightly firmer on Wednesday, after hitting a record low in the previous session, due to bank and exporter dollar sales.[/size]
Dealers, however, expect the currency to hover around current levels ahead of the 20 November Budget. The currency ended at 141.92/97 per dollar, edging up from Monday’s close of 141.95. Both the stock and foreign exchange markets were closed on Tuesday for Diwali, a Hindu religious holiday.

The rupee fell 0.35% in intraday trading on Monday to a record low of 142.00 per dollar.
“It was a quiet day. There were some bank (dollar) selling,” said a currency dealer asking not to be named. Another dealer said importers are booking forwards as they are not sure of the Budget while exporters are quietly selling in low volumes.
Investors are waiting for more clarity on economic policies from the 2016 Budget announcement, scheduled on 20 November.
Commercial banks parked Rs. 113.21 billion ($ 800.07 million) of surplus liquidity on Wednesday, using the Central Bank’s deposit facility at 6%, official data showed.

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