Sri Lanka rupee up after opening on state intervention

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.