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Sri Lanka rupee opens weaker

Feb 28, 2012 (LBO) - Sri Lanka's rupee was quoted as low as 122.50/123.00 against the US dollar in early trade Tuesday weakening from Monday's close of 121.

30/50 rupees, before recovering, dealers said.
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The rupee recovered to 121.30/50 rupees later.

The rupee was floated earlier in February after it came under pressure from strong credit demand.

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Authorities have since tightened monetary policy and also raised fuel prices to cut borrowings by state enterprises.

In money market gilt backed repos were around 8.



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65/75 percent and call money at 9.65/75 percent, dealers said.
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