Sri Lankan rupee ends lower

Dhaka,  Thu,  27 April 2017
Published : 20 Apr 2017, 14:46:39
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Sri Lankan rupee ends lower for second day

Sri Lankan rupee ends lower
The Sri Lankan rupee closed lower for a second day on Wednesday as dollar demand from importers surged amid low supply of the greenback, dealers said.

Rupee forwards were active, with two-week forwards closing at 153.40/50 per dollar, compared with Tuesday's close of 153.15/25.

Another dealer said there was heavy demand for dollars from importers running high trade bills.

The market has not been impacted much after the central bank increased policy rates by 25 basis points last month, dealers added.

The island nation has received dollar inflows since the beginning of April, with foreign investors buying equities and government securities.

Overseas investors have net bought 9.72 billion rupees ($63.95 million) worth of equities in the last 19 consecutive sessions through Wednesday.

Offshore investors net bought government securities worth 1.87 billion rupees in the week ended April 12.

They have however net sold 62 billion rupees worth of government bonds so far this year, according to Reuters.
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