Rupee ends firmer on bank, exporter dollar sales

Reuters - The Sri Lankan rupee closed firmer on Tuesday as dollar sales by banks and exporters surpassed importer demand for the U.S. currency, dealers said.

The spot rupee ended at 152.75/82 per dollar, compared with Monday’s close of 152.90/95. “There were banks and exporter dollar sales and less pressure on the imports,” said a currency dealer, requesting anonymity.

The rupee has been under pressure since January after the central bank stopped defending the currency and started buying dollars to build up the country’s depleted foreign currency reserves.

The island nation has seen 27.5 billion rupees ($180 million) of net inflow into equities up to Tuesday’s close, and 5.7 billion rupees worth inflows into government securities up to Aug. 23, official data showed.