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Sri Lankan rupee edges down on importer dlr demand
October 31, 2017 / 11:51 AM / in 23 days

Sri Lankan rupee edges down on importer dlr demand

COLOMBO, Oct 31 (Reuters) - The Sri Lankan rupee ended slightly weaker on Tuesday in dull trade as importer dollar buying outpaced mild exporter greenback conversions, dealers said.

The spot rupee closed at 153.62/68, compared with Monday’s close of 153.55/60.

“The year-end import season has started. So we see the rupee further depreciating,” a currency dealer said, asking not to be named.

The rupee has slipped 2.6 percent so far this year.

The currency came under pressure early this month due to dollar demand from state-run Ceylon Petroleum Corp (CPC), which stocked up crude oil ahead of an expected fuel price hike, dealers said.

The currency is expected to weaken on generally higher importer demand ahead of the national budget next month, dealers said.

The island nation has seen 20 billion rupees ($130.25 million) of net inflows into equities this year as of Monday’s close, and 41.1 billion rupees into government securities as of Oct. 25, official data showed. ($1 = 153.5500 Sri Lankan rupees)

Reporting by Shihar Aneez; Editing by Amrutha Gayathri

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