COLOMBO Oct 14 The Sri Lankan rupee closed
steady for a second straight session on Friday as importer
dollar demand was offset by exporter sales of the U.S. currency
in the absence of central bank intervention, dealers said.
The spot rupee closed unchanged at 146.90/95 per
dollar. Rupee forwards were not as active as they were
earlier this week.
The spot rupee is usually managed by the central bank, and
market participants use the forward market levels for guidance
on the currency.
"The market was expecting rupee appreciation in the past two
days due to exporter dollar sales. But importer dollar demand
was equally strong and we did not see any central bank
directions," said a currency dealer, asking not to be named.
"It was a dull market and there was not much of active
Dealers said they expected continued downward pressure on
the currency due to a pick-up in seasonal imports through
The central bank has been buying dollars from the market to
accumulate reserves to meet targets set by the International
Monetary Fund under a $1.5-billion loan deal, dealers said.
Officials at the central bank were not available for
($1 = 146.3700 Sri Lankan rupees)
(Reporting by Shihar Aneez; Editing by Subhranshu Sahu)