The Sri Lankan rupee ended steady on Wednesday as greenback selling by exporters offset importer demand for the US currency, dealers said. The spot rupee ended little changed at 153.45/53 per dollar, compared with Tuesday's close of 153.45/50.
"Demand from state banks was there, but the rupee ended steady due to some exporter (dollar) sales," a currency dealer said, requesting anonymity. Central bank Governor Indrajith Coomaraswamy had earlier said the rupee was still "over-valued", and that the monetary authority was buying dollars to avoid any appreciation. The banking regulator is compelled to buy dollars from the market to meet a reserves target set by the International Monetary Fund (IMF) under a $1.5 billion, three-year loan programme.
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