COLOMBO, April 11 The Sri Lankan rupee traded
weaker on Tuesday as importer dollar demand and dividend
payments outpaced mild inward remittances, dealers said.
Rupee forwards were active, with two-week forwards
trading at 153.20/40 per dollar at 0516 GMT, compared with
Friday's close of 153.00/10.
The markets were closed for a Buddhist religious holiday on
"Demand for the dollar is there today from a foreign bank
and sizable demand is piling up either for repatriation of
profits or dividend," said a currency dealer who did not wish to
"There is 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 traditional new year later next week,
although dealers expect the pressure to ease with seasonal
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.
Sri Lankan shares were up 0.03 percent at 6,294.76
as of 0529 GMT. Turnover stood at 40.02 million Sri Lankan
($1 = 151.6000 Sri Lankan rupees)
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas