July 31, 2018 / 12:21 PM / a year ago

Sri Lankan rupee ends steady in dull trade

COLOMBO, July 31 (Reuters) - The Sri Lankan rupee ended steady in dull trade on Tuesday as dollar demand from importers offset selling of the greenback by banks, traders said.

The rupee, which traded at 159.80 rupees per dollar during the day, ended steady at 159.65/75 per dollar compared with Monday’s close. It has declined 4.01 percent so far this year and had hit a record low of 160.17 on June 20.

“There was no big activity, today being the month end. There were some flows ... we have seen some (inward) remittances due to month ending and there were some imports too,” said a currency dealer asking not to be named.

“Investors are waiting to see what RBI is going to do tomorrow. The pressure on the rupee is still there, but it is expected to trade below 160.00.”

Sri Lanka’s central bank governor, Indrajit Coomaraswamy, had said earlier that the rupee’s decline was driven mainly by factors outside of Sri Lanka and that emerging-market currencies were under pressure.

Foreign investors sold government securities worth a net 4.6 billion rupees ($28.83 million) in the week ended July 25, bringing the outflows so far this year to 36.2 billion rupees, central bank data showed. ($1 = 159.5500 Sri Lankan rupees) (Reporting by Ranga Sirilal; Editing by Vyas Mohan)

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