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Sri Lankan rupee ends weaker on importer dollar demand

Sri Lankan rupee ends weaker on importer dollar demand

COLOMBO: The Sri Lankan rupee closed slightly weaker on Wednesday as importer dollar demand from foreign banks surpassed the exporter greenback sales, dealers said. The spot rupee ended at 152.80/90 per dollar, compared with Tuesday’s close of 152.75/82. “Today there were some demand from foreign banks probably to settle some import bills,” said a currency dealer, requesting anonymity.

The rupee has been under pressure since January after the central bank stopped defending the currency and started buying dollars to build up the country’s depleted foreign currency reserves. The island nation has seen 27.6 billion rupees ($180.69 million) of net inflow into equities up to Wednesday’s close, and 5.7 billion rupees worth inflows into government securities as of Aug. 23, official data showed.