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| Sunday, 7 November 2004 |
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Dollar increases With only one week to go for the budget expectations are high. This has resulted in the Dollar increasing steadily. On October 28 value of the dollar passed Rs.104 mark and since then the the Dollar is increasing continuously. According to the financial market analysts Dollar will hit the Rs.105 mark in the next week. The uncertainity created with coming budget is the reason behind the weakening the rupee at this time. The supply of the Dollar in to the forex market has reduced. Export earnings as well as foreign remittance into the country has been reduced due to the fear of imposision of higher taxes by the comming budget. Central bank officials denied to comment on the depreciation of the rupee. Lanka India Oil Corporation - IPO The initial public offering in the massive one hundred million share issue will open on the 29th of this month. They are expecting to raise between Rs 2.3 - 2.7 billion. |
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