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Currency To Further Weaken

Sep 24, 2011 3:28:51 PM - thesundayleader.lk

Central Bank of Sri Lanka last week depreciated the exchange rate (ER) by 20 Sri Lanka cents (SLc) to Rs. 110.30 for a unit sale of a US dollar ($) in inter-bank spot trading due to demand for $s emanating in the market.
On Wednesday they depreciated it by 10 SLc to Rs. 110/20 and followed it by depreciating it by a further 10 SLc to Rs. 110/30 the following day Thursday.
“Exporters are not making any forward booking, an indication that they are expecting the ER to dip further,” a market source told this reporter.
Previously they (exporters) used to book forward thinking that the ER will appreciate, but now they are taking a contrary stand, he said.