October 3, 2017 / 12:15 PM / in 19 days

Sri Lankan rupee ends weaker on importer dlr demand

COLOMBO, Oct 3 (Reuters) - The Sri Lankan rupee closed weaker on Tuesday as dollar demand from importers surpassed the sales of the U.S. currency by exporters and by banks due to inward remittances, dealers said.

The spot rupee ended at 153.23/30 per dollar, compared with Monday’s closing level of 153.05/20.

“There was pressure from some petroleum bills and other importer demand (for the dollar),” said a currency dealer who did not wish to be named.

“There were some exporter dollar sales which eased the pressure.”

The rupee has been under pressure since January after the central bank stopped defending the currency and started buying the dollar to build up the country’s depleted foreign currency reserves.

The island nation had seen 18 billion rupees ($117.49 million) of net inflows into equities this year as of Tuesday’s close, and 29.1 billion rupees worth inflows into government securities as of Sept. 27 this year, official data showed. ($1 = 153.2000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Amrutha Gayathri)

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