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Sri Lankan rupee firmer on bank dollar sales

Sri Lankan rupee firmer on bank dollar salesCOLOMBO: The Sri Lankan rupee ended firmer on Friday on dollar sales by a private bank amid mild demand for the greenback from importers, dealers said.

The rupee traded at 141.25/30 per dollar, a tad firmer from Thursday’s close of 141.30/40, which was near its record low of 141.40.

Dealers said the two state banks, through which the central bank directs the market, were not seen selling dollars, but a local private bank sold dollars at 141.33 to 141.26.

“It was mainly due to export dollar sales,” said a dealer who declined to be identified. Dealers said the rupee would continue to slide if the correct policy measures were not taken at the right time.

The rupee hit a record low of 141.40 per dollar on Monday, but recovered slightly over the past two days after a state-run bank sold dollars.

Central Bank Governor Arjuna Mahendran said on Monday the rupee was “fairly valued” and expected it to stabilise only after a rate increase by the US Federal Reserve, likely by the end of the year.

The rupee has fallen 4.6 percent since the central bank effectively floated it on Sept. 4.

Copyright Reuters, 2015

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