COLOMBO Oct 17 The Sri Lankan rupee was steady
for a third straight session on Monday as dollar demand from
importers offset exporter sales of the U.S. currency in the
absence of central bank intervention, dealers said.
The spot rupee was steady at 146.90/95 per dollar
at 0633 GMT.
However, dealers continue to expect the rupee to weighed
down by seasonal imports.
"The currency will be under downward pressure due to
seasonal imports until mid-December, and then we might see it
settling with exporter sales and remittances," a currency dealer
said, asking not to be named.
The spot rupee is usually managed by the central bank, and
market participants use the forward market levels for guidance
on the currency.
The spot rupee was steady last week after two weeks of
The central bank has been buying dollars from the market to
accumulate reserves to meet targets set by the International
Monetary Fund under a $1.5-billion loan deal, dealers said.
Officials at the central bank were not available for
Sri Lankan shares were down, heading for a sixth straight
session fall with the benchmark Colombo stock index was
0.2 percent weaker at 6,469.41 as of 0643 GMT. It fell below a
key psychological barrier of 6,500 on Thursday. Turnover stood
at 85 million rupees ($580,720).
($1 = 146.3700 Sri Lankan rupees)
(Reporting by Shihar Aneez; Editing by Amrutha Gayathri)