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Sri Lankan rupee firmer on remittances

Source : REUTERS
Last Updated: Tue, Mar 18, 2014 12:10 hrs

COLOMBO, March 18 (Reuters) - The Sri Lankan rupee rose on Tuesday as inflows from inward remittances outpaced importer dollar demand, dealers said.

The spot rupee ended at 130.58/64 per dollar, compared with Monday's close of 130.63/70.

"Normal remittances amid lack of importer dollar demand pushed the rupee up," said a currency dealer on condition of anonymity.

Contrary to market expectations, the local currency has been gaining ahead of the traditional new year in April. Usually, the rupee falls in March and early April due to higher import demand ahead of the Sinhala-Tamil new year. However, dealers said they are yet to see higher import demand.

The currency has gained 0.33 percent in the last 14 sessions through Tuesday, Thomson Reuters data showed. It has been on a rising trend since Feb. 27 amid weak demand for dollars from importers, dealers said.

Dealers said the rupee was expected to trade in a range of 130.50 to 130.75 in the near term. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)




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