Sri Lankan rupee tad firmer on inward remittances

(Reuters) – The Sri Lankan rupee edged up slightly on Wednesday due to inward remittances ahead of the Hajj, amid importer demand for dollars, dealers said.

Exporters held on to the greenback on expectations of further depreciation, they added.

The spot rupee was at 140.95/98 per dollar at 0724 GMT, a tad firmer from Tuesday’s close of 140.95/141.05. It has fallen 4.4 percent since the central bank effectively floated it on Sept. 4.

"There are some inflows due to Hajj. Importer dollar demand is also there," said a currency dealer, asking not to be named. "But exporters are not selling and they are holding on."

On Tuesday, the rupee hit a record low of 141.00 in early trade before recovering as a state bank, through which the central bank usually directs the market, sold dollars to limit the fall. (COLOMBO, Sept 23/2015)

Latest Comments

Your email address will not be published. Required fields are marked *