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Sri Lankan rupee slips on importer dollar demand
December 7, 2017 / 11:50 AM / in 5 days

Sri Lankan rupee slips on importer dollar demand

COLOMBO, Dec 7 (Reuters) - The Sri Lankan rupee closed slightly weaker on Thursday as importer dollar demand in late trade outpaced year-end remittances and selling of the U.S. currency by exporters, dealers said.

The spot rupee ended at 153.30/35 per dollar, compared with Wednesday’s close of 153.25/35.

“There was dollar demand from state banks, mainly for imports, in late hours. Usually the currency appreciates in December due to higher inflows from remittances,” a currency dealer said asking not to be named.

The rupee has lost 2.5 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 18.57 billion rupees ($121.1 million) this year as of Thursday’s close. They had bought government securities worth a net 49.2 billion rupees as of Nov. 29, official data showed.

$1 = 153.3500 Sri Lankan rupees Reporting by Shihar Aneez and Ranga Sirilal; Editing by Subhranshu Sahu

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