Colombo rubber auctions up on forex rate change

Business

The Colombo Rubber Auction has seen considerable gains this week following the difference in the foreign exchange rate brought on by the Central Bank this week.

The Central Bank on Monday adjusted the rupee to Rs.230 against the US dollar, from Rs.203 earlier in a major devaluation move.

Latex crepe saw prices move up further from last week’s Rs.710 per kilo to Rs.750 per kilo. RSS1 which was at Rs.480 per kilo at the last sale moved up to Rs.525 per kilo this week.

Low quantity on offer and the foreign exchange rate difference were key to the improvements in the prices at the auctions, Asia Siyaka Brokers said.

Prices are expected to remain steady in future sales as well.

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