Wednesday, March 14, 2012

New low for Sri Lanka rupee ( 123.45/60 )

In a new historic low for the Sri Lanka rupee, the local currency was quoted at 123.45/60 against the US dollar in late trading today (Mar. 13).

According to dealers, the Sri Lanka rupee opened around 121.80 to the US dollars.

Analysts had warned that continued liquidity injections in to money markets to sterilize off-market forex interventions will result in a steady weakening of the currency peg, LBO reports.

One month forward premium was around 1.10/20 rupees, the three month around 5.00/5.10 and the one year as much as 9.35/80 earlier in the day, dealers said.

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