December 8, 2017 / 11:38 AM / 2 years ago

Sri Lankan rupee gains on remittances

COLOMBO, Dec 8 (Reuters) - The Sri Lankan rupee closed firmer on Friday as year-end remittances and selling of the U.S. currency by exporters outpaced importer dollar demand, dealers said.

The spot rupee ended at 153.05/10 per dollar, compared with Thursday’s close of 153.30/35.

“Today there were lot of inflows for salaries and bonuses,” a currency dealer said asking not to be named.

“There were not many importers today. We hope the rupee will trade around 153.00 levels this month.”

The rupee has lost 2.3 percent so far this year, but currency dealers say the dollar demand has slightly waned, lending support to the rupee.

The market has been waiting for more clarity over a foreign exchange management act introduced by the government last month.

Foreign investors have net bought equities worth 18.38 billion rupees ($120.05 million) this year as of Friday’s close. They had bought government securities worth a net 49.2 billion rupees as of Nov. 29, official data showed. ($1 = 153.1000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

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