Dollar demand weighs on Lankan currency

31/12/2014 07:10 AST

Sri Lankan rupee forward ended slightly firmer on Tuesday as inflows into some banks offset importer dollar demand, though dealers said unusual year-end demand for the greenback from importers still weighed on the currency.

Four-day forward, which were actively traded, closed at 132.05/15 per dollar, up from Monday’s 132.15/30.

“There were inflows into a couple of banks. So the rupee rose. But we still see strong demand for dollars from importers,” said a currency dealer.

Rupee forward have been maintained around 132.00 throughout December as the central bank defended the currency through moral suasion.

Three-day forward also closed at 132.05/15 per dollar, up from Monday’s close of 132.15/30. Dealers said the three-day forward were not actively traded on Tuesday.

The spot currency was not traded.

Dealers said unusually high imports toward the end of 2014 amid lower interest rates and a stable exchange rate have pressured the rupee.


Reuters

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