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Sri Lanka rupee to stabilise at current level-cbank
May 30, 2012 / 6:28 AM / 6 years ago

Sri Lanka rupee to stabilise at current level-cbank

COLOMBO, May 30 (Reuters) - Sri Lanka’s rupee will stabilise at the current level of around 132 against the U.S. dollar without intervention unless there are large oil bills, the central bank’s chief economist said on Wednesday.

The rupee was trading 132.20/132.40 per dollar at 0618 GMT on Wednesday.

“We think that it will stabilise at these levels unless there is a large import bill on oil,” Swarna Gunaratna, the central bank’s chief economist told Reuters in an interview.

“Even without intervening, the exchange rate has stabilised around 130-131 level. We don’t think that it will go for 140 or 150 level. It will remain at these levels even without intervening. We want to look what is the trend if we are not intervening,” she said.

The central bank and Sri Lanka’s treasury had earlier expected the currency to stabilise below 125 a dollar, after it fell to a record 133.50 on April 25.

It has depreciated 13.9 percent since Feb. 9, when the central bank refrained from intervening in the market. (Reporting by Shihar Aneez; Editing by Ramya Venugopal)

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