August 23, 2017 / 12:31 PM / a year ago

Sri Lankan rupee ends firmer on exporter dollar sales, inward remittances

COLOMBO, Aug 23 (Reuters) - The Sri Lankan rupee closed higher on Wednesday for a third straight session as exporter dollar sales and inward remittances surpassed mild importer demand for the U.S. currency in the absence of dollar buying by state-run banks, dealers said.

The spot rupee ended at 152.90/95 per dollar, up from Tuesday’s close of 153.00/05.

“There was some dollar selling by exporters and we can see some inward remittances also,” said a currency dealer, requesting anonymity.

“There is not much of demand. We expect this trend to continue with the continuous inflows.”

The island nation has seen 27.9 billion rupees ($182.47 million) of net inflow into equities up to Wednesday’s close and 2.56 billion rupees worth inflows into government securities up to August 16, official data showed.

The rupee has however been under pressure since January after the central bank stopped defending the currency and started buying dollars to build up the country’s depleted foreign currency reserves. ($1 = 152.9000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

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