Category: Money

Feb 17, 2012 (LBO) – Sri Lanka’s rupee was quoted around 118.30/50 against the US dollar in mid morning trade, up from opening and stocks rose nearly 2.0 percent before easing back, dealers and brokers said. . The rupee opened around 118.80/119.20 and strengthened against the US dollar as the currency moved to consolidate towards […]

Feb 16, 2012 (LBO) – The Sri Lanka rupee opened around 119. 40/65 against the US dollar and later strengthened as much as 118. 70/119.00 after briefly dipping in early trade, dealers said. Though there is a six monthly power tarrif adjustment process through a regulator, the process had been undermined twice over the last […]

Feb 16, 2012 (LBO) – Sri Lanka’s rupee closed at 119. 0/15 against the greenback Thursday up from yesterday’s close of 119. 40/55 in day of active trade, after opening at 119. 40/65 dealers said. The currency fell as low as 120.00 to the greenback in intra-day trading triggering a sell-off. Some banks also appeared […]

Feb 15, 2012 (LBO) – Sri Lanka rupee opened weaker at 120.30/35 against the greenback in the spot dollar market and drifted lower as the foreign exchange market continued to look for direction but stocks opened stronger. Colombo All Share Index rose 1.6 percent in the first half hour of trading. In forex markets trades […]

Feb 15, 2012 (LBO) – A sharp depreciation of the rupee following a float of the currency was temporary and an overshooting which will correct as policy actions take effect, the Central Bank said. ‘[T]he recent depreciation of the Sri Lanka Rupee, which seems to be a reaction of forex dealers adjusting to the more […]

Feb 14, 2012 (LBO) – A steady weakening of the rupee following a float was an ‘overreaction’ which will correct itself when market fundamentals begin to act, Central Bank Governor Nivard Cabraal said. “We have a clear policy that we will intervene only in the case of oil bills,” Governor Cabraal said calmly. “I see […]

Feb 13, 2012 (LBO) – Sri Lanka rupee opened weaker at around 115. 30/40 and traded lower against the US dollar in the spot market in the second trading day after the Central Bank withdrew from interventions, dealers said. On Thursday the rupee closed around 115. 20/30 against the dollars. On Monday the rupee opened […]

Feb 13, 2012 (LBO) – Sri Lanka’s rupee closed at 117. 25/40 against the greenback Monday down from Friday’s close of 115. 20/30 in a second day of trading without Central Bank intervention, dealers said. The rupee drifted lower in intra-day trading but recovered towards the end of the day. Dealers said some exporters had […]

Feb 10, 2012 (LBO) – A decision by the Sri Lanka’s central bank to allow the exchange rate to move more in line with its monetary policy has been welcomed by the International Monetary Fund. “We welcome the move toward greater exchange rate flexibility announced today,” IMF resident representative Koshy Mathai said. “This step, supported […]

Feb 09, 2012 (LBO) – Sri Lanka’s rupee fell against the US dollar to below 115 rupees after the Central Bank stopped intervening on a specific price, following a 30 cent lowering of its band earlier in the day, dealers said. The rupee fell from 114.30 to in the spot market Thursday with the lowering […]

Feb 09, 2012 (LBO) – Treasury bills acquired by the Central Bank to back money printed to sterilize interventions in the forex markets to defend a dollar peg has topped 205 billion rupees, official data showed. The peg was adjusted down 30 cents to 114.60 rupees from 114.30 rupees on Thursday from a day earlier, […]

Feb 09, 2012 (LBO) – Sri Lanka’s Central Bank will not intervene at a fixed price but will continue to supply part of the dollars needed to settle petroleum bills Governor Nivard Cabraal said after a trading band was removed Thursday. The International Monetary Fund has called for greater flexibility in forex markets to protect […]