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Sri Lanka rupee steady at over six-week high

Source : REUTERS
Last Updated: Mon, Dec 09, 2013 12:20 hrs

COLOMBO, Dec 9 (Reuters) - The Sri Lankan rupee ended steady on Monday at more than a six-week closing high, surrendering early gains as late importer dollar demand outpaced greenback inflows from inward remittances, dealers said.

The spot rupee ended at 130.80/81 per dollar, hovering near its highest close since Oct. 25 and hardly changed from Friday's close. It has gained nearly 0.4 percent in six straight sessions though Friday.

Currency dealers said trading was dull as most of the traders were in a holiday mood and the central bank's policy rates decision had no impact on the currency.

The central bank kept key policy interest rates steady as expected, saying the outlook for inflation remained favourable.

Central Bank Governor Ajith Nivard 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 3.4 percent since it hit a record low of 135.20 on Aug. 28. (Reporting by Shihar Aneez and Ranga Sirilal; Editing by Prateek Chatterjee)




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