Forex
Sterling Falters Against Rupee Amid Regional Reserve Shifts
The pound sterling has remained flat against the Sri Lankan rupee today, trading at LKR440.32 and posting a modest decline in the current session.
Despite this, technical indicators suggest that the pair is under short-term pressure, having breached both its moving averages and key technical levels.
A recent drop in India's foreign exchange reserves has led to regional liquidity concerns, which may affect neighboring currencies such as the Sri Lankan rupee.
The decline in Indian reserves was reported by Business Standard, with a reduction of $4.924 billion to $780.782 billion for the week ended September 11.