Sri Lanka rupee up after opening on state intervention

Sri Lanka's Prime Minister Ranil Wickremesinghe arrives with flowers to receive blessings at the Gangaramaya Buddhist Temple, Colombo, Sri Lanka on Wednesday 4 April 2018. On wednesday (4), Wickremesinghe survived a no-confidence motion in the Sri Lankan parliament with a 46 vote majority after a 12-hour debate with 122 MPs voted in his support while 76 MPs voting to remove the prime minister. (Photo by Tharaka Basnayaka/NurPhoto via Getty Images)

Oct 02, 2008 (LBO) – The Sri Lanka rupee which opened at 108.20/35 against the greenback gained ground amid official intervention, with a state bank which usually acts for the central bank selling dollars at 108.00 rupees, dealers said.

Meanwhile money markets remained tight with the overnight call rates at 19.00/19.50 percent levels and market repos at 18.80/19.00 percent, dealers said.

The central bank also pumped money to the market through its 12.00 percent window to which access was increased to six times a month from today. Some quantities of a bond maturing in 2012 which is popular among foreign investors were being sold by a foreign name at around 19.20 percent, Thursday morning, dealers said.