Dollar at 109-110?

A huge chunk of US dollars offered in Colombo’s money markets on Thursday eased pressure on the dollar which fell to Rs 106 per dollar after peaking at a record 108-rupee level, dealers said.

They said the rate fell after a foreign buyer in the stockmarket offered around US$ 10 million through the market to buy rupees at a time when seasonal demand for the foreign currency saw it sharply rising. The dollar was at the 106 level on Friday too.

Dealers said they expect the dollar to hit 109-110 rupees by end December.