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Sri Lankan rupee edges down on dollar demand from importers, banks
February 3, 2017 / 6:40 AM / 10 months ago

Sri Lankan rupee edges down on dollar demand from importers, banks

COLOMBO, Feb 3 (Reuters) - The Sri Lankan rupee edged down on Friday due to dollar demand from importers and banks as foreign investors continued to sell government securities, dealers said.

Rupee forwards were active, with two-week forwards trading at 151.10/15, weaker from Thursday’s close of 151.02/10.

“The rupee continues to be under pressure with import demand and foreigners exiting from bonds,” a currency dealer said, requesting anonymity.

The Sri Lankan central bank’s first monetary policy review for 2017 is scheduled on Tuesday.

The rupee has been under pressure due to rising imports and net selling of government securities by foreign investors, while the central bank has said defending the currency was not sensible.

The central bank revised the spot rupee reference rate to a record-low of 150.50 from 150.25 earlier this week.

Foreign investors net sold 21.1 billion rupees ($140.6 million) worth of government securities in the three weeks to Jan. 25, according to latest central bank data.

Sri Lankan shares were up 0.1 percent at 6,134.38, as of 0620 GMT. Turnover stood at 234.6 million rupees ($1.56 million).

$1 = 150.5000 Sri Lankan rupees Reporting by Ranga Sirilal; Editing by Shihar Aneez and Amrutha Gayathri

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