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The Sri Lankan rupee ended slightly higher on Monday as a foreign and a local bank sold dollars, offsetting importer dollar demand, dealers said. The rupee currency was under pressure on the demand from importers and was seen easing further after the central bank said it would buy dollars directly from the market to boost reserves. The central bank is targeting $1.2 billion in direct market purchases of dollars to boost the island nation's reserves this year, Indrajit Coomaraswamy, the monetary authority's chief, said on Thursday.
Rupee forwards were active, with spot-next forwards ended at 152.85/95 per dollar, compared with Friday's close of 152.90/153.00. Two-week forwards ended at 153.20/35, compared with the previous session's close of 153.30/40. A currency dealer said the market was awaiting policies from the new finance minister, Mangala Samaraweera, after President Maithripala Sirisena switched the finance and foreign ministers in a cabinet reshuffle on Monday in a bid to restore confidence in the administration's handling of the economy. "Everybody is awaiting for the direction from the new finance minister. We don't know whether he will push through the reforms of the former minister or he will have his own," the dealer said.

Copyright Reuters, 2017

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