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Friday, 27 July 2012 - 20:02
Rupee weakens once again
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Sri Lanka's rupee weakened to 132.20 levels today after opening around 131.20 as excess liquidity remained at record after tens of billions of rupees were dumped on money markets a day earlier.

Yesterday excess liquidity rose to 58 billion rupees as part proceeds of a dollar bond was converted to repay short term borrowings.

Analysts had warned that the Central Bank will either have to defend the rupee with unsterilized dollar sales or rapidly sell down its Treasury bill stock outright, to keep the exchange rate from depreciating.

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