The Sri Lankan rupee ended slightly weaker on Wednesday as importer dollar demand outpaced greenback sales by banks and exporters, dealers said. However, a few dealers anticipate that the rupee will appreciate due to expected dollar deposits from foreign investors. The rupee ended at 143.80/90 per dollar, slightly weaker from Tuesday's close of 143.75/85.
"The rupee is weaker as exporters were not there in the market due to global and local uncertainties. Hence, they were holding on to the dollars without selling it," said a currency dealer, requesting not to be named. The market expects the depreciation pressure on the rupee to ease due to a rise in commercial banks' statutory reserve ratio by 150 basis points from January 16, which is in line with the central bank's monetary policy announcement last month.
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