COLOMBO Dec 2 The Sri Lankan rupee rose to a
one-month closing high on Monday due to high inward remittances
from Sri Lankan expatriates for their families ahead of
Christmas and the New Year, dealers said.
The spot rupee rose 0.2 percent to 131.00/05. It had
closed at 131.20/30 per dollar on Friday, around its lowest
level since Oct. 10.
"There were inward remittances more than importer demand," a
currency dealer said on condition of anonymity.
Dealers said the three-day rupee forward or spot next was
not traded on Monday as in the past week because the spot was
not protected by the central bank.
Last week, the central bank did not allow the spot rupee to
trade beyond 131.20 per dollar, with state banks selling dollars
for selected banks at that level, dealers said.
Central bank Governor Ajith Nivard Cabraal told Reuters on
Wednesday that the monetary authority would intervene to keep
the rupee stable if there was excess volatility after it hit a
seven-week low on importer dollar demand despite intervention by
The spot was kept steady at 131.10 for three weeks through
Nov. 25, before being allowed to trade at 131.15.
The rupee hit a record low of 135.20 on Aug. 28, but has
managed to stem further losses and has gained 3.2 percent since
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by