COLOMBO Oct 13 The Sri Lankan rupee traded
steady on Thursday as two state banks bought dollars sold by
exporters, in the absence of any intervention by the central
bank, dealers said.
The spot rupee, which was active on Thursday, was
steady at 146.90/95 per dollar at 0733 GMT.
The spot rupee is tightly managed by the central bank and
market participants use the forward market levels for guidance
on the currency.
Rupee forwards were not as active as they were in the
past four days, with the spot-next at 146.95/147.00, compared
with the last close of 147.00/05.
Dealers expect downward pressure on the currency due to pick
up in seasonal imports through mid-December.
The rupee has been under pressure due to importer dollar
demand, posting a 0.4 percent fall last week, following a 0.65
percent loss in the preceding week, Thomson Reuters data showed.
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
Sri Lankan shares were down, with the benchmark Colombo
stock index 0.15 percent lower at 6,500.14 as of 0722
GMT. Turnover stood at 234.4 million rupees ($1.60 million).
($1 = 146.3700 Sri Lankan rupees)
(Reporting by Shihar Aneez; Editing by Amrutha Gayathri)