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Sri Lankan rupee down on importer dollar demand

Sri Lankan rupee down on importer dollar demandCOLOMBO: The Sri Lankan rupee ended weaker on Tuesday in dull trade, near a record low hit in the previous session, as importer dollar demand surpassed greenback selling by exporters and banks, dealers said.

The spot rupee which traded at 159.99 per dollar during the day ended at 159.95/160.00 per dollar, lower than Monday’s close of 159.75/90. The rupee hit an all-time low of 160.00 per dollar on Thursday.

The currency has declined 4.2 percent this year.

“We did not see much of importers in the market today. But still the importer demand weighed,” a currency dealer said.

Dealers say they expect the rupee to trade in the 163-165 range by end of the year.

Foreign investors sold government securities worth a net 2.7 billion Sri Lankan rupees ($16.9 million) in the week ended June 13, bringing the outflows so far this year to 22.6 billion rupees, central bank data showed.

Copyright Reuters, 2018

Source: Brecorder

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