Central Bank stops forex intervention, US dlr rises to Rs 137

Business

Sri Lanka's Central Bank on Friday allowed a free float of the US dollar with the market being permitted to decide on buying and selling patterns. Dealers said the gap between the buying and selling rate was as wide as 4 rupees per US dollar as the Bank moved to allow the US currency to appreciate against the rupee. They said the dollar was trading around 137 rupees per dollar level on Friday from 134 rupees on Thursday. “The signal from the Bank is that it won’t intervene in the market unless the rupee sinks to serious levels,” one dealer said. The Central Bank has been intervening through state banks, pumping in millions of dollars to keep the rupee afloat despite overseas developments where many currencies have depreciated against the US currency. – ENDS -

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