lkdood
12-08-2008, 06:16 PM
Sri Lankan rupee fell back to 110.30 per dollar in early trade on Monday below a previous central bank support level around 110.00, suggesting the authority was allowing the currency to slip into a lower trading range, dealers said.
The central bank had been defending the rupee around 110 to 110.10 since September, but no intervention was spotted on Monday until 110.30, the rupee's lowest level against the dollar since early November.
"The dollar is being sold at 110.30 per dollar by the Bank of Ceylon, which sold dollar at 110 up until Friday on behalf of central bank to support the rupee," a currency dealer told Reuters on condition of anonymity.
Currency dealers from two foreign banks and three local banks confirmed the selling by the state bank. At 0615 GMT the rupee was quoted 110.25/110.45 per dollar. On Oct. 30, the central bank let the rupee slip back from 108 per dollar, which it had been defending since mid-September. The central bank started defending the currency at 110.
cnbc (http://www.cnbc.com/id/28107689)
The central bank had been defending the rupee around 110 to 110.10 since September, but no intervention was spotted on Monday until 110.30, the rupee's lowest level against the dollar since early November.
"The dollar is being sold at 110.30 per dollar by the Bank of Ceylon, which sold dollar at 110 up until Friday on behalf of central bank to support the rupee," a currency dealer told Reuters on condition of anonymity.
Currency dealers from two foreign banks and three local banks confirmed the selling by the state bank. At 0615 GMT the rupee was quoted 110.25/110.45 per dollar. On Oct. 30, the central bank let the rupee slip back from 108 per dollar, which it had been defending since mid-September. The central bank started defending the currency at 110.
cnbc (http://www.cnbc.com/id/28107689)