The Sri Lankan rupee quoted 367 per TT dollar

ECONOMYNEXT – The quotation of the Sri Lankan commercial banks rupee against wire transfers was stable in the week ended Friday June 10, as dealers said central bank control had brought some stability although there were a few dollars for the transaction.

The commercial banks rupiah quote against wire transfers was 367 against the US dollar, down from 367.30 last week on Friday (June 3), according to bank data.

“Basically, it’s central bank control with a margin,” one forex trader told EconomyNext.

“But we don’t see a lot of dollar liquidity in the banks. We have seen that the spread between the rupee rate quoted by the bank and the gray market rate is narrowing. But now it is widening slightly due to the dollar liquidity problem.

The central bank’s interbank spot trade was at 359.80 below a daily guidance rate, almost unchanged from last week’s 360.3.

Commercial banks quoted 357/367 per dollar for wire transfers on Friday versus 357.5/367.5 the previous week.

The central bank stopped quoting overnight rates on Jan. 23 when the rupiah floated with an interest rate correction after the soft peg collapsed, amid Russia’s war on Ukraine.

In 2021, the central bank imposed a rate inconsistent with the policy rate at around 203 per US dollar.

Last week, the finance ministry lifted import bans on a range of non-essential goods, but raised taxes by 15 to 200 percent to discourage imports due to dollar shortages. (Colombo/Jun 11/2022)

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