The Sri Lankan rupee ended steady on Friday as late importer dollar demand offset the greenback sales from remittances and inflows from stock-related transactions, with dealers expecting the currency to rise due to steady inflows. The rupee ended at 130.37/40 per dollar, little changed from Tuesday's close of 130.37/42. Both the currency and the stock markets were closed on Wednesday and Thursday for public holidays.
Dealers said the rupee strengthened to 130.33/35 in early trade before two state banks, through which the central bank directs the market, started buying dollars at 130.35 rupees. "There was late importer dollar demand," said a currency dealer. Central bank Governor Ajith Nivard Cabraal told Reuters on May 9 that the central bank has been "giving effect to the present trend in a gradual manner". Steady inflows from remittances and exporter conversions amid lack of importer dollar demand earlier led to the rupee's appreciation, dealers said.