DOHA: The Sri Lankan rupee is expected to remain stable at Rs36 per Qatari riyal over the next few weeks, foreign exchange operators said here yesterday.
“We don’t anticipate any rupee volatility in a few weeks to come, nor are any chances of its appreciation in that period,” said a foreign exchange operator.
A riyal fetched Rs36.07 in the local foreign exchange market yesterday, the rate having been stable now for almost a month.
The rate has, thus, seen a large number of Sri Lankans remit funds home in the past three weeks or so. Exchange officials said they expected the outflow to continue until the end of the month.
Media reports in Sri Lanka, meanwhile, said the rupee ended firmer against the dollar on Monday as banks and exporters sold dollars, but depreciation pressure on the currency remained in the absence of firm dollar inflows.
It is expected the rupee would move in a 131.5 to 132 per dollar range in the short term and continue to depreciate unless the central bank steps in or dollar inflows increase significantly, according to reports.
The rupee was 131.40 against the dollar yesterday.
The Peninsula
