LKCSE Colombo Stock Exchange Close
  • Current Exchange
    Colombo Stock Exchange LKCSE

Market time
Black
White

Send This Page To Friends and Colleagues

You can Enter more than one email separated by (,)
Allowed 100 characters only
02 March, 2016 09:58 AM Source: Financial Times - Sri Lanka
news 1.jpg

Reuters:  Sri Lankan rupee forwards ended slightly weaker on Tuesday on importer dollar demand, while dealers expected the currency to remain under pressure due to seasonal importer demand and after a downgrade by Fitch Ratings.

Fitch on Monday downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to B-plus from BB-minus on increasing refinancing risks, significant debt maturities, and weaker public finances.

Both Finance Minister Ravi Karunanayake and Central Bank Governor Arjuna Mahendran, however, said the downgrading will not have any impact on the country’s borrowing.

“Even though the finance minister said there won’t be any impact, the Fitch downgrading has a negative impact. It is yet to filter into the market,” said a currency dealer asking not to be named.

Analysts said the downgrade is a concern for international investors and market players and will push the government’s borrowing cost in the international markets, adding to the pressure on the rupee.

One-week rupee forwards, which act as a proxy for the spot currency, ended at 144.85/95 per dollar, slightly weaker from Monday’s close of 144.80/90.

- See more at: http://www.ft.lk/article/528654/Rupee-forwards-decline--more-fall-seen-on-Fitch-downgrade#sthash.9K3dRQpa.dpuf

Add Comment | 0   comment

Readers Comment

Nothing found to display
page number 1

Add Comment

Please login first to comment Click here to login

Stocks in Focus


Features for Registered Users

E-mail Alerts
Daily Newsletter
Your Watchlist
Advanced Tools
and
Many more


Will automatically display the last quotes you have visited here.

All Rights Reserved - DUInvest © 2014

Login

Do You have an Account ? , Click here to create a new account

Your Opinion Matters

What do you think about the new Website?