Rupee ends tad firmer on dollar selling by banks

Reuters: The rupee ended a tad firmer on Friday due to dollar selling by banks and on expectations of inflows after a bond sale in the previous day, dealers said.

Sri Lanka raised $330 million through dollar-denominated development bonds on Thursday.

The rupee ended at 140.92/97 per dollar, compared with Thursday’s close of 141.00/05.

“The bank (dollar) selling eased the pressure, the import demand was there but not up to the level we have seen in the last few days,” said a currency dealer who asked not to be named.

Dealers said inward remittances were seen in the latter part of the day.

The rupee hit a record low of 141.40 per dollar on 28 September, but recovered slightly after a State-run bank sold dollars.



Dealers said importer dollar demand has fallen following Government measures to discourage vehicle imports but the seasonal imports are expected to pick up.