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Wednesday, August 17, 2022

Sri Lankan rupee ends firmer on remittances

Sri Lankan rupee ends firmer on remittancesCOLOMBO: The Sri Lankan rupee closed firmer on Monday helped by year-end remittances and selling of the US currency by exporters, dealers said.

The spot rupee ended at 153.00/10 per dollar, compared with Friday’s close of 153.05/10.

“Trading was very thin as everybody has checked in to a holiday mood. There were inflows for salaries and bonuses,” a currency dealer said, asking not to be named.

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 18.37 billion rupees ($120.07 million) this year as of Monday’s close. They had bought government securities worth a net 60.4 billion rupees as of Dec. 6, official data showed.

Copyright Reuters, 2017

Source: Brecorder.com

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