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Sri Lanka rupee devalued, spot dollar at Rs113.80/90

Nov 22, 2011 (LBO) - Sri Lanka's rupee traded at 113.
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80/90 against the greenback in the spot market Tuesday moving within a band indicated by the central bank, after a rare devaluation announcement a day earlier. A day earlier, President Mahinda Rajapaksa said the rupee should be devalued 3.
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0 percent to improve export competitiveness in the economy.
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Analysts earlier said Sri Lanka's credit growth has picked up in 2011, requiring rates to move up to maintain the peg. "We have given guidance to the state banks to buy dollars at 113.

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50 (rupees) and sell at 113.90," Central Bank Governor Nivard Cabraal said.
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"People can do their own trading at any place.

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"

The market opened at 113.70/80 rupees and moved to 113.80/90 levels, dealers said.

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