Sri Lanka rupee at 6-week high; upward pressure remains
COLOMBO Dec 6 (Reuters) - The Sri Lankan rupee ended firmer for a fifth straight session on Friday, rising to its six-week closing high as inward remittances and exporter dollar conversions outpaced importer dollar demand.
The spot rupee ended at 130.75/85 rupees to a dollar, its highest close since Oct. 25, from Thursday's close of 130.80/85 rupees. It has gained nearly 0.38 percent in five straight sessions.
Dealers said the rupee is still facing upward pressure due to continued remittances from expatriates for their families ahead of Christmas and the New Year.
"Inward remittances were there and we did not see any state bank intervention late in the day," a currency dealer said.
Central Bank Governor Ajith Nivard Cabraal said on Tuesday the rupee was expected to remain steady at the current levels with most inflows being remittances.
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