Sri Lanka expects rupee to stabilise below 125 to the dollar

Mar 22, 2012 (LBO) - Sri Lanka's rupee should stabilise below 125 to the US dollar once the initial adjustment to the currency's float and seasonal demand work their way out of the system, Treasury secretary P B Jayasundera said.




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The rupee has fallen sharply against the dollar and other key international reserve currencies in recent days and had slumped to a record low of 131.60 to the dollar Monday, March 19.





The floating of the rupee had stemmed any further foreign exchange reserve losses, he told a news conference.

He said the rupee was expected to fluctuate after the initial float but would stabilise.

"The rate would definitely stabilise below 125 rupees.

"

The spot rate was 130.15 / 130.30 against the green back with the local currency having opened at 129.

90 / 130.20.