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Sri Lankan rupee ends lower on importer dollar demand
September 27, 2017 / 12:14 PM / 3 months ago

Sri Lankan rupee ends lower on importer dollar demand

COLOMBO, Sept 27 (Reuters) - The Sri Lankan rupee closed slightly weaker on Wednesday as dollar demand from importers surpassed selling of the U.S. currency by exporters, dealers said.

The spot rupee, which traded at 153.15 per dollar during the day, recovered to end at 153.00/10, but still marginally weaker from Tuesday’s closing level of 152.95/153.05.

“There was importer demand. We have seen some exporter conversions latter part of the day,” said a currency dealer requesting anonymity.

The rupee has been under pressure since January after the central bank stopped defending the currency and started buying dollars to build up the country’s depleted foreign currency reserves.

The island nation has seen 17.7 billion rupees ($115.65 million) of net inflows into equities this year as of Wednesday’s close, and 17.3 billion rupees worth inflows this year into government securities as of Sept. 20, official data showed. ($1 = 153.0500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

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