November 27, 2017 / 11:45 AM / a year ago

Sri Lankan rupee ends firmer on inward remittances

COLOMBO, Nov 27 (Reuters) - The Sri Lankan rupee closed marginally higher on Monday, as dollar inflows from inward remittances outpaced demand from importers for the U.S. currency, dealers said.

The spot rupee closed at 153.63/70 per dollar, compared with Friday’s close of 153.75/80.

“The demand for dollars was there today, but rupee ended firmer due to the inward remittance for salaries,” said a currency dealer who declined to be named. The rupee has lost 2.7 percent so far this year, and dealers say it is expected to face pressure with imports of more low-end vehicles, on which the government has already reduced taxes.

The government imposed new taxes on high-end vehicles, telecoms, banks and liquor in a bid to boost revenues in its 2018 budget presented earlier this month.

Foreign investors net bought equities worth 18.4 billion rupees ($119.83 million) this year as of Monday’s close. They net bought government securities worth 46.7 billion rupees as of Nov. 22, official data showed. ($1 = 153.5500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

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