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Sri Lankan rupee edges down on importer dollar demand

Sri Lankan rupee edges down on importer dollar demand

COLMOBO: The Sri Lankan rupee closed marginally lower on Wednesday as importer dollar demand surpassed greenback sales by foreign banks.

According to sources, the rupee has been under pressure due to rising imports and net selling of government securities by foreign investors. Rupee forwards were active, with two-week forwards closing at 150.55/65 per dollar, slightly weaker from Tuesday’s close of 150.45/55.

“We saw thin trading and there were some deals in one-week forwards, which ended at 150.35/45,” a currency dealer said. One-week forwards were not actively traded since Dec. 30.

Last week, the central bank’s moral suasion prevented further decline even as the monetary authority signaled a change in its intervention policy. Officials from the central bank were not available for comments.