Tuesday, February 14, 2012

Lankan rupee drifts lower against USD

The Sri Lankan rupee closed at 117.25/40 against the US dollar today, down from Friday's close of 115.20/30 in a second day of trading without Central Bank intervention.

The rupee drifted lower in intra-day trading but recovered towards the end of the day, LBO reports.

Dealers said some exporters had cancelled forward contracts and importers were buying forward, creating tighter than normal conditions.

The CB allowed the rupee to trade without intervention from last Thursday after it lost more than a quarter of its reserves defending a dollar peg.
In capital markets, a 2013 bond closed at 10.55/65 percent.

A two year bond maturing on 01.03.2014 closed at 11.30/35 percent and 01.08.2014 closed around 11.70/12.00, dealers said.

Stocks closed 2.2 percent lower with illiquid stocks which were heavily manipulated last year in particular taking a beating, brokers said.

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