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Sri Lankan rupee edges down on importer dollar demand
April 18, 2017 / 8:18 AM / 8 months ago

Sri Lankan rupee edges down on importer dollar demand

COLOMBO, April 18 (Reuters) - The Sri Lankan rupee traded slightly weaker on Tuesday in moderate volumes due to dollar demand from importers, but the currency is expected to steady in the near term, dealers said.

Rupee forwards were active, with two-week forwards trading at 153.05/15 per dollar at 07580 GMT, compared with Wednesday’s close of 152.95/153.10.

“There is some importer demand and we see the currency to stabilise at these levels,” said a currency dealer who requested anonymity.

“Given the central bank’s spot currency reference rate at 151.90, two-week forwards should be around 152.80/90.”

Foreign investors have been net buyers of both equity and government securities since early this month.

Overseas investors have net bought 5.22 billion rupees ($34.3 million) worth of equities in the last 16 consecutive sessions of net-buying. They also net bought government securities worth 1.87 billion rupees in the week ended April 12.

However, they have net sold 62 billion rupees worth of government bonds so far this year.

Sri Lankan shares were up 0.3 percent at 6,371.61 as of 0802 GMT. Turnover stood at 705.1 million rupees ($4.6 million).

$1 = 152.1000 Sri Lankan rupees Reporting by Shihar Aneez; Editing by Amrutha Gayathri

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