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Sri Lanka rupee at 1-wk high on exporter dollar sales

Source : REUTERS
Last Updated: Fri, Jan 24, 2014 12:10 hrs

COLOMBO, Jan 24 (Reuters) - The Sri Lankan rupee ended at a one-week high on Friday, gaining for a second straight day, due to exporter dollar conversions in the absence of importer demand for the greenback, dealers said.

The spot rupee closed at 130.60/70 per dollar, its highest since Jan. 17 and firmer than Thursday's close of 130.73/76.

"There was not too much importer outflow, oil (bills) were also not seen," said a stockbroker.

However, the rupee is expected to fall in the absence of any intervention by the central bank, dealers said.

The central bank said on Monday that inflows of $1 billion from a recent sovereign bond sale would be kept in reserves, contrary to market expectations.

The central bank had said on Jan. 2 it expected the rupee to strengthen in the medium term and any direct intervention in the foreign exchange market would be minimum.

The rupee has gained about 3.4 percent since it hit a record low of 135.20 on Aug. 28. It lost 2.5 percent in 2013. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)



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