Rupee appreciation affecting Undial operators

Financial market analysts yesterday said that those engaged in foreign transactions through the Undial system have become agitated of possible future

 losses with the strengthening of the Sri Lankan Rupee against the US dollar.

Money exchangers in Colombo Fort, Pettah, Negombo and Kollupitiya have started releasing dollars to the market due to the current fall in the Rupee payable to the US dollar.

Market analysts said that they had to pay a higher price between Rs.360 to Rs.370 for a Dollar. It has now fallen to between Rs.340 to 345. Market information reveals that those who are transacting through the Undial system are afraid of heavy losses for them if the rupee continues to strengthen further.

Meanwhile, with the green light to provide extended loan facilities from the International Fund, there has been a growth in Colombo stock market transactions.

by Daily News Sri Lanka

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