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Sri Lankan rupee edges up on equity-related inflows

Sri Lankan rupee edges up on equity-related inflows

COLOMBO: The Sri Lankan rupee traded slightly firmer on Thursday due to inflows from equity-related transactions amid lower dollar demand from importers, dealers said. Rupee forwards were active, with two-week forwards trading at 153.35/45 per dollar at 0619 GMT, compared with Wednesday’s close of 153.40/50. “We see some inflows from stock market-related transaction. Otherwise the market is quiet,” said a currency dealer who requested anonymity.

Overseas investors have bought equities worth a net 9.72 billion in the last 19 straight sessions through Wednesday, bourse official data showed. They also net bought government securities worth 1.87 billion rupees in the week ended April 12. However, they have been net sellers to the tune of 62 billion rupees worth of government bonds so far this year. As of 0625 GMT, Sri Lankan shares were up 1.1 percent at 6,519.66, hovering around its highest since Oct. 12. Turnover stood at 597.2 million rupees ($3.93 million).