Lankan rupee edges up on dollar selling by banks; stocks up

(Reuters) – The Sri Lankan rupee edged up 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 was trading at 140.95/141.00 per dollar at 0533 GMT, compared with Thursday’s close of 141.00/05.

"The bank (dollar) selling eased the pressure, the import demand is 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.

The rupee hit a record low of 141.40 per dollar on Sept. 28, 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.

Sri Lanka’s main stock index was 0.06 percent, or 3.88 points, firmer at 7,034.33 at 0537 GMT, edging up from its three-month low hit on Thursday. Turnover was 232.1 million rupees. (COLOMBO, Oct 16.2015)

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