Rupee ends steady; state bank dollar sales support

Reuters - The Sri Lankan rupee ended steady on Tuesday as dollar demand from importers offset the selling of the U.S. currency by a state bank, dealers said.

The spot rupee which traded at 153.00/10 per dollar during the day ended at 152.95/153.05, same as Monday’s closing level.

“There was importer demand, but we saw a state bank selling dollars when it traded at 153.00,” said a currency dealer requesting anonymity.

The rupee has been under pressure since January after the central bank stopped defending the currency and started buying dollars to build up the country’s depleted foreign currency reserves.

The island nation has seen Rs. 17.6 billion ($115.07 million) of net inflows into equities this year as of Tuesday’s close, and Rs. 17.3 billion worth inflows this year into government securities as of 20 September, official data showed.