June 29, 2017 / 6:00 AM / in a year

Sri Lanka rupee edges down on importer dlr demand

COLOMBO, June 29 (Reuters) - The Sri Lankan rupee weakened on Thursday due to dollar demand from importers and as an expected rise in imports pressured the local currency, dealers said.

The spot rupee, which has been trading for the eighth straight session after being inactive for six weeks, was at 153.45/55 per dollar, slightly weaker from Wednesday’s close of 153.40/50.

The spot rupee resumed trading on June 19 for the first time since May 5 when the central bank fixed its reference rate at 152.50.

“There is (dollar) demand due to month-end imports and also the end of half year,” said a currency dealer, requesting anonymity.

“There are no large exporter-conversions or remittances.”

Dealers said they expected seasonal demand for the dollar to pick up from August.

Sri Lankan shares were up 0.05 percent at 6,700.55, as of 0550 GMT. Turnover stood at 263.8 million Sri Lankan rupees ($1.72 million). ($1 = 153.3000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Amrutha Gayathri)

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