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Sri Lanka rupee closes at over 3-month high; intervenes
October 23, 2013 / 11:53 AM / 4 years ago

Sri Lanka rupee closes at over 3-month high; intervenes

COLOMBO, Oct 23 (Reuters) - The Sri Lankan rupee closed at a more than three-month high on Wednesday, largely due to inflows from foreign buying in top conglomerate John Keells Holdings Plc and inflows into government bonds, dealers said.

The central bank governor on Wednesday said the currency is under appreciation pressure and the central bank has been intervening to curb a sharp rise.

The spot rupee closed at 130.70/77 per dollar, its highest since July 10 and firmer from Tuesday’s close of 130.80/90.

“The rupee is firmer on stock-related inflows, specially foreign buying on John Keells rights,” a currency dealer said.

Dealers said foreign buying in John Keells for a third day helped boost the currency. Keells is raising $299 million by selling rights and warrants to fund a $850 million resort project. The deadline to raise the money is Friday.

They also said some inflows into government bonds have helped boost the rupee.

The rupee hit a record low of 135.20 on Aug. 28, but has managed to stem further losses and has risen 3.4 percent since then. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anupama Dwivedi)

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