Rupee at near 6-week low on importer demand

Thursday, 14 November 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: The Sri Lankan rupee ended weaker to hit its lowest in nearly six weeks on Wednesday as importers bought dollars to meet the year-end seasonal importer demand, while the banks bought the greenback due to tight rupee liquidity, dealers said. The spot rupee ended at Rs. 131.18/21 per dollar, its lowest close since 4 October and down from Tuesday’s close of Rs. 131.07/13. Dealers expect the currency to be weighed down by continued importer dollar demand ahead of the December festive season. However, the pressure on the rupee should start to ease off on offshore remittances by the middle of next month, they said. The rupee hit a record low of Rs. 135.20 on 28 August, but has managed to stem further losses and has gained 3.05% since then.

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