COLOMBO, Oct 30 (Reuters) - The Sri Lankan rupee
strengthened on Wednesday, edging up from a near two-week low as
banks sold dollars, but downward pressure on the currency is
expected in the near term because of seasonal and
project-related imports, dealers said.
Some dealers said a state bank, through which the central
bank usually directs the market, was seen selling dollars at
The spot rupee closed 130.95/05 per dollar firmer
than Tuesday's close of 131.10/20 per dollar, its lowest close
since Oct. 17.
"A state bank sold dollars at 131.00 and there was some bank
(dollar) selling too," said a currency dealer who asked not to
The currency, which appreciated 0.4 percent last week on
foreign buying in the rights issue of John Keells Holdings Plc
, hit a near four-month closing high last week.
The rupee hit a record low of 135.20 on Aug. 28, but has
managed to stem further losses and is up 3.21 percent since
(Reporting by Ranga Sirilal and Shihar Aneez; Editing by