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| Friday, 07 January 2005 |
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The heavy inflow of dollars by way of foreign aid to the country since last Sunday has resulted in the rupee appreciate sharply against the US Dollar. The rupee, which traded at 104.50 against the dollar before tsunami struck the island stood at 98.53 yesterday. According to the Central Bank the rupee is expected to appreciate further against the dollar with the inflow of more foreign aid. Dealers said the sharp appreciation is because of speculation that a large amount of foreign aid will come into the country in the coming weeks. "The news that most of the donor countries and agencies are going to write of debts and offer moratoriums for the existing loans has also had an impact on the exchange rates," a dealer said. Central Bank Governor Sunil Mendis said on Tuesday that exporters need not panic about the sharply appreciating rupee. However, tea brokers said that they expect a downward trend in the auctions due to the appreciation. |
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