Lankan rupee falls to near 7-mth low; depreciation pressure persists

Tuesday, 25 June 2013 - 12:37

Lankan+rupee+falls+to+near+7-mth+low%3B+depreciation+pressure+persists

Sri Lanka's rupee hit a near seven-month low, before a state-controlled bank intervened to stabilise the currency, amid continuous depreciation pressure due to dollar demand from importers and foreign investors who are exiting in the wake of rising U.S. treasury yields.

 

The lowest trade was at 129 per dollar, before the currency closed a t 128.90 edging down slightly from Friday's close of 128.9.

 

Dealers said some foreign investors also booked forwards to hedge their exposure, tracking foreign outflows in other Asian peers.



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