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Sri Lanka rupee ends steady despite importer dollar demand

Sri Lanka rupee ends steady despite importer dollar demandCOLOMBO: The Sri Lankan rupee ended steady on Tuesday as a state-run bank, through which the central bank usually directs the market, sold dollars at a flat rate of 133.75 despite demand for the greenback from importers, dealers said.

The rupee closed at 133.75 per dollar, after the state-owned bank raised the currency’s peg against the dollar by 25 cents on Thursday to allow the exchange rate to depreciate to 133.75.

“There are reluctant sellers and the import demand is there but the rupee ended steady on state bank (dollar) sales,” said a currency dealer who spoke on condition of anonymity.

Steady foreign outflows from government securities, at 16.75 billion rupees ($ 125 million) in the week ended Aug. 5, has also put pressure on the currency, dealers said.

Copyright Reuters, 2015

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