COLOMBO, April 11 The Sri Lankan rupee edged
down on Tuesday as importer dollar demand and dividend payments
outpaced mild inward remittances, dealers said.
Rupee forwards were active, with two-week forwards
ending at 153.30/45 per dollar, compared with Friday's close of
The markets were closed for a Buddhist holiday on Monday.
"Dollar demand was there from a foreign bank and sizable
demand for either repatriation of profits or dividend was also
there," said a currency dealer who requested anonymity.
"There was not much of (dollar) supply as most of the
companies are closed for the New Year."
Sri Lanka will celebrate its traditional new year this week
and the markets will be closed on Thursday and Friday.
The rupee has been under pressure due to increased seasonal
imports ahead of the new year, although dealers expect the
pressure to ease with seasonal inward remittances.
Outflows due to rupee bond sales by foreign investors have
also been putting pressure on the currency.
Foreign investors net bought government securities worth
259.5 million rupees ($1.71 million) in the week ended April 5.
However, they are net sellers worth 63.9 billion rupees of such
instruments so far this year.
($1 = 151.6000 Sri Lankan rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry