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Sri Lankan rupee gains on remittances, exporter dollar sales
October 27, 2017 / 12:08 PM / a month ago

Sri Lankan rupee gains on remittances, exporter dollar sales

COLOMBO, Oct 27 (Reuters) - The Sri Lankan rupee closed higher on Friday as late exporter dollar conversions and remittances surpassed demand from importers for the greenback, dealers said.

The spot rupee, which traded at 153.80 per dollar earlier in the session, closed at 153.45/55, firmer from Thursday’s close of 153.55/65.

“Month-end remittances and exporter dollar conversions helped the rupee to recover from the fall,” said a currency dealer, requesting anonymity.

“There was dollar demand from oil importers earlier in the day.”

The rupee has risen 0.1 percent for the week, Thomson Reuters data showed.

Dealers said they expect the rupee to weaken by around 4-4.5 percent during the year.

The rupee has slipped 2.6 percent so far in the 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 was expected to weaken on generally higher import demand ahead of the national budget next month, dealers said.

The island nation has seen 19.67 billion rupees ($128.14 million) of net inflows into equities this year as of Friday’s close, and 38.2 billion rupees into government securities as of Oct. 18, official data showed. ($1 = 153.5000 Sri Lankan rupees) (Reporting by Shihar Aneez; Editing by Vyas Mohan)

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