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Sri Lankan rupee steady in dull trade; stocks up

(Reuters) – The Sri Lankan rupee was trading steady in dull trade on Monday as dollar selling by banks offset importer demand for the greenback, dealers said.

"There is not much happening," said a currency dealer asking not to be named.

The rupee was unchanged at 140.30/40 per dollar at 0701 GMT.

Dealers said importer dollar demand has reduced following government measures to discourage vehicle imports.

Vehicle imports will drop by at least 90 percent after the government changes the way it calculates the value of certain motor vehicles, officials said on Friday.

The government imposed a 100 percent margin on letters of credit for motor vehicles to discourage unnecessary imports, in a move to prevent dollar outflows and further weakening of the rupee currency. (COLOMBO, Oct 12/2015)

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