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Sunday May 9th, 2021
Bonds & Forex

Sri Lankan rupee ends weaker near record low Friday

COLOMBO, Sept 25 (Reuters) – The Sri Lankan rupee ended weaker near its all-time low on Friday as importer demand for the greenback outpaced some exporter dollar sales and inward remittances ahead of the central bank’s policy rate decision.

The spot rupee ended at 140.98/140.99 per dollar, weaker from Wednesday’s close of 140.90/95. The market was closed for a holiday on Thursday.

The rupee has fallen 4.4 percent since the central bank effectively floated it on Sept. 4.

"The rupee is under pressure as exporters are very reluctant to sell (dollars) expecting further depreciation," said a currency dealer, asking not to be named.

The rupee hit a record low of 141.00 in early trade on Tuesday. It recovered when a state bank, through which the central bank usually directs the market, sold dollars to limit the fall.

Dealers said exporters were not selling dollars below 141.00 as they expect the central bank to intervene if the currency were to break that level.

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