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Sri Lankan rupee forwards steady

Sri Lankan rupee forwards ended steady on Friday as inflows from late remittances offset importer dollar demand, but dealers expect downward pressure on the currency to persist until mid this year due to lower interest rate regime. Actively traded two-week forwards ended flat at 133.90/95 per dollar, while one-week forwards also closed steady at 133.60 per dollar amid moral suasion by central bank.

"The rupee will be under severe pressure in May and June when credit growth is going to hit a peak in the lower interest rate environment, unless the central bank can manage it by boosting reserves either by borrowing or swaps," a currency dealer said on condition of anonymity.

Copyright Reuters, 2015


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