Thursday, 22 October 2015 13:08
COLOMBO: The Sri Lankan rupee traded a tad weaker on Thursday due to importer dollar demand, dealers said.
The rupee was at 141.05/20 per dollar at 0705 GMT, compared with Wednesday’s close of 141.00/05.
“The rupee will gradually and slowly fall as imports are more than exports. But in the run-up to the budget, the pressure will ease,” a currency dealer said.
Analysts expect Finance Minister Ravi Karunanayake to increase import taxes when he presents the 2016 budget scheduled on Nov. 20, to discourage shipments into the country.
Apart from imports, heavy government spending is also putting pressure on the rupee, dealers said.
The rupee hit a record low of 141.40 per dollar on Sept. 28, but recovered slightly after a state-run bank sold dollars.
Sri Lanka’s main stock index was 0.24 percent, or 16.67 points, firmer at 7,072.34 at 0703 GMT. Turnover was 441.4 million rupee.
