Sri Lanka rupee slips from over 6-wk high on importer dlr demand
COLOMBO Dec 10 (Reuters) - The Sri Lankan rupee ended slightly weaker on Tuesday, slipping from a more than six-week high on mild importer dollar demand, dealers said.
The spot rupee ended at 130.80/85 per dollar, a tad weaker from Monday's close of 130.80/81, which was near a level last traded on Oct. 25.
"There was mild importer demand. But overall, the market saw dull trade," a currency dealer said.
The currency has gained nearly 0.4 percent in seven straight sessions through Monday.
The central bank said on Tuesday it will only go in for limited intervention to prevent high volatility.
"We maintain a flexible exchange regime and that policy automatically allows the rupee to adjust to external factors," Central Bank Governor Ajith Nivard Cabraal told a Reuters Global Markets Forum.
"It is only in instances where we believe that some intervention is needed to prevent volatility that we do so. That policy has served us well and we would continue with such policy." ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For more on the Thomson Reuters Global Markets Forum see: here ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Cabraal said last week that the rupee was expected to remain steady at current levels with most inflows being remittances.
Currency dealers said the rupee was facing upward pressure as expatriates were sending money for their families ahead of Christmas and the New Year.
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