Rupee gains on bank, exporter dollar sales

28 Sep 2012 - {{hitsCtrl.values.hits}}

The Sri Lankan rupee strengthened yesterday as banks sold dollars on stock related inflows, dealers said.

The rupee closed 1.1 percent firmer at 129.40/70 to the dollar compared with Wednesday’s close of 130.90/131.00. “The rupee stretched on heavy equity market inflows and we have seen exporters selling following the banks selling,” said a currency dealer asking not to be identified.

The rupee has strengthened 2.10 percent so far this month but it has depreciated 14 percent since allowing a flexible exchange rate in November.

The Colombo Stock Exchange’s main index ended 0.1 percent, or 5.66 points, higher at 5,949.42.

Shares in Aviva NDB Insurance fell 9.28 percent to 398.70 rupees and National Development Bank fell 4.86 percent to 144.80 rupees a share.

AIA Group Ltd has agreed to buy British insurer Aviva’s 92.3 percent stake in Aviva NDB Insurance.

The exchange has been overbought since Aug. 28, Thomson Reuters data shows. The 14-day Relative Strength Index on Thursday was at 82.913, well above the upper neutral range of 70.

Turnover on Thursday was 1.87 billion rupees ($14.27 million), more than this year’s daily average of 947 million rupees.

(REUTERS)

Economy

Rupee gains on bank, exporter dollar sales

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