Sri Lanka rupee steady near 5-week high; stocks slip
COLOMBO Dec 11 (Reuters) - The Sri Lankan rupee traded flat on Wednesday, hovering near its five-week highs in sluggish trade as many investors were on holiday mood, dealers said.
The spot rupee was traded flat at 130.80/85 per dollar at 0526 GMT, which was near a level last traded on Nov. 7.
"The market is very dull and not much trades are taking place," a currency dealer said.
The currency has gained nearly 0.4 percent in seven straight sessions through Monday.
Central Bank Governor Ajith Nivard Cabraal said on Tuesday the monetary authority will only go for limited intervention to prevent high volatility.
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.
The rupee has gained 3.4 percent since it hit a record low of 135.20 on Aug. 28.
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