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Saturday May 15th, 2021
Bonds & Forex

Sri Lankan spot rupee steady; forwards weaker

COLOMBO, June 29 (Reuters) – The Sri Lankan rupee was steady in dull trade on Monday as a state-run bank, through which the central bank usually directs the market, sold dollars at 133.70, but the supply of greenbacks did not meet demand by importers, dealers said.

"The spot is steady as the state bank is selling at 133.70, but the demand (for dollars) is seen as the supply is low," said a currency dealer asking not to be named.

"With the announcement of elections the (dollar) selling might stop a bit and exporters might wait for a longer period."

President Maithripala Sirisena dissolved parliament on Friday in an effort to consolidate power and push through political reforms, ending a months-long deadlock.

The central bank kept key policy rates steady at record lows, as expected, on Friday before the markets opened, and said prospects of improved performance in advanced economies along with low inflation and low market interest rates would benefit local economic activity.

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