Saturday, 02 May 2015 - 18:24
Sri Lanka’s central bank allows fall in spot rupee
Sri Lanka’s central bank allowed a fall in the spot rupee on Thursday for the first time in two months, but defended it, amid importer dollar demand ahead of a long holiday, while dealers expect the currency to remain under pressure from lower interest rates.
The central bank allowed a 10-cent fall in the spot rupee to 133 per dollar after holding it at 132.9 since February, when it set a level beyond which it would not allow the currency to fall.
Dealers, however, said the spot rupee did not trade as the central bank did not allow trades below 133 through moral suasion.