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Sri Lanka rupee rises to near 1-wk high on exporter dollar sales

Source : REUTERS
Last Updated: Thu, Oct 31, 2013 11:50 hrs

COLOMBO, Oct 31 (Reuters) - The Sri Lankan rupee strengthened to a near one-week high on Thursday as exporters sold dollars, but downward pressure on the currency is expected in the near term because of the year-end seasonal demand, dealers said.

The spot rupee closed at 130.85/92 per dollar, its highest since Oct. 25 and firmer than Wednesday's close of 130.95/131.05.

Dealers said year-end import demand for dollars could put downward pressure on the local currency.

The currency, which appreciated 0.4 percent last week on foreign buying in the rights issue of Sri Lanka's biggest conglomerate John Keells Holdings Plc, hit a near four-month closing high on Oct. 24.

The rupee hit a record low of 135.20 on Aug. 28, but has managed to stem further losses and is up 3.29 percent since then. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)




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