The Sri Lankan rupee ended firmer on Monday as exporter dollar sales surpassed early greenback demand from importers on worries capital outflows would increase as incoming US President Donald Trump's policies were seen guiding US rates higher and strengthening the dollar. Foreign investors might pull out of emerging markets, including Sri Lanka, if the Fed raises interest rates next month, dealers said.
The International Monetary Fund (IMF) released a second tranche of loans worth $162.6 million and said Sri Lanka's macroeconomic and financial conditions have begun to stabilise. Rupee forwards were active on Monday. The spot-next hit a low of 148.85 per dollar in early trade due to importer dollar demand but ended at 148.55/65, compared with Friday's close of 148.75/85. The central bank on Friday revised the spot rupee reference rate to 147.95 per dollar from 147.75. The spot rupee was hardly traded on Monday, but was quoted at 148.20/149.00.
Comments
Comments are closed.