The Sri Lankan rupee ended a tad weaker for a fourth straight session on Tuesday as importer demand for the dollar surpassed mild greenback sales by exporters and banks, dealers said. The rupee ended at 141.15/20 per dollar, near its record low of 141.40 hit on September 28, and down from Monday's close of 141.05/10. Trading is likely to be lacklustre until the government provides clarity on economic policy, dealers said.
Prime Minister Ranil Wickremesinghe is expected to announce the country's medium-term economic policy framework on Thursday, while the 2016 budget announcement is scheduled for November 20. "Exporters are reluctant to sell as they expect the rupee to weaken further," a currency dealer said, on condition of anonymity. Dealers said they have not seen a significant gain in the currency after last week's $1.5 billion sovereign bond issue and it is expected to be dull until investors see policy clarity. Dealers expected the inflow from the bond proceeds later this week.
Comments
Comments are closed.