Rupee near 2-month high

Friday, 20 December 2013 00:01 -     - {{hitsCtrl.values.hits}}

Reuters: The Sri Lankan rupee rose on Thursday to its highest level in nearly two months on inward remittances and exporter dollar sales, dealers said. The spot rupee ended at 130.70/75 per dollar, its highest close since Oct. 25 and firmer than Wednesday’s close of 130.80/85. “There was mild demand for dollars from importers. A state bank bought dollars, but we did not see it as a measure to defend the currency from appreciation,” a currency dealer said. Dealers said the rupee could be under pressure when demand for the greenback from importers picks up in January. They expect the currency to hover near the current level until the end of this year. Currency dealers said the rupee was facing upward pressure as expatriates were sending money to their families ahead of the Christmas and the New Year. The rupee has gained 3.4 percent since it hit a record low of 135.20 on Aug. 28.