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Sri Lankan rupee ends slightly weaker on importer dollar demand
October 9, 2017 / 11:34 AM / 2 months ago

Sri Lankan rupee ends slightly weaker on importer dollar demand

COLOMBO, Oct 9 (Reuters) - The Sri Lankan rupee closed marginally weaker on Monday as importer dollar demand surpassed inward remittances and selling of the U.S. currency by exporters and a bank, dealers said.

The spot rupee, which was traded at 153.20/30 per dollar during the day, ended at 153.30/35 per dollar, compared with Friday’s close of 153.22/28.

“There was importer demand today, we have seen some (dollar) selling by a foreign bank,” said a currency dealer who did not wish to be named.

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

The island nation saw 20.1 billion rupees ($131.12 million) of net inflows into equities this year as of Monday’s close, and 31.1 billion rupees worth inflows into government securities as of Oct. 4, official data showed. ($1 = 153.3000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

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