Rupee closes weaker on sustained importer dollar demand

Saturday, 13 September 2014 01:25 - - {{hitsCtrl.values.hits}}

Reuters: The Sri Lankan rupee ended a tad weaker on Friday at a near 7-week low as importer dollar demand outpaced selling by exporters and remittances, dealers said. The rupee ended at 130.29/31 per dollar, its lowest closing since 21 July, slightly down from Thursday’s close of 130.28/31. “There was importer dollar demand; a state bank sold dollars at 130.28 to select small trades to prevent the fall,” said a currency dealer asking not to be named. Dealers said there has been a pick-up in imports ahead of the 2015 budget scheduled for November, but they expect the rupee to appreciate in the long term. The Central Bank of Sri Lanka (CBSL) will absorb the proceeds of National Savings Bank’s (NSB) $ 250-million bond sale, an official at the banking regulator said on Wednesday. Foreign investors bought a net Rs. 3.2 billion ($ 24.57 million) worth of government securities in the week ended 10 September, official data showed.

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