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Sri Lankan rupee ends firmer on exporter dollar sales
August 22, 2017 / 11:51 AM / 3 months ago

Sri Lankan rupee ends firmer on exporter dollar sales

COLOMBO, Aug 22 (Reuters) - The Sri Lankan rupee closed higher on Tuesday, as exporter dollar sales surpassed importer demand for the U.S. currency in the absence of dollar buying by state-run banks, dealers said.

The spot rupee ended at 153.00/05 per dollar, up from Monday’s close of 153.10/25.

“There was selling across the board, mainly it was from the exporter conversions. There was not much of importer demand,” 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 27.8 billion rupees ($181.82 million) of inflows into equities and 2.56 billion rupees worth inflows into government securities so far this year, official data showed. ($1 = 152.9000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

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