Green Path

August 23, 2007 (LBO) – The spot dollar peaked at 112.35 against the Sri Lanka rupee Thursday as the local currency sought the next resistant level, dealers said. In the cash markets interbank rates remained around 20 percent with more access to the central bank’s discount window. The market closed at 112.30/40 rupees against the greenback with the lowest business done at 112.17 rupees.

Sri Lanka rupee has been under pressure for more than two months but had fallen much against the greenback despite turmoil in other currencies in the region.

Dealers say the market would edge downwards to a resistant level if there is no intervention before selling comes in.