Thursday, 12 December 2013 00:00
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REUTERS: The Sri Lankan rupee ended a tad weaker on Wednesday on importer dollar demand late in the day, dealers said.
Trade was sluggish as many investors were in a holiday mood, they added.
The spot rupee ended at Rs. 130.80/90 per dollar, weaker from Tuesday’s close of Rs. 130.80/85. On Monday it closed at Rs. 130.80/81, which was near a level last traded on 25 October.
“In the latter part of the day we have seen some importer dollar demand,” a currency dealer said.
The currency has gained nearly 0.4% in seven straight sessions through Monday.
Central Bank Governor Ajith Nivard Cabraal said on Tuesday the monetary authority will only go in for limited intervention to prevent high volatility in the currency.
Cabraal said last week that the rupee was expected to remain steady at current levels with most inflows being remittances.
Currency dealers said the rupee was facing upward pressure as expatriates were sending money for their families ahead of Christmas and the New Year.
The rupee has gained 3.32% since it hit a record low of Rs. 135.20 on 28 August.
