Sri Lankan rupee forwards ended steady on Tuesday as late dollar sales by a state bank offset importer demand for the greenback, dealers said. Fears that the rupee would weaken further if the government increased spending to deal with the country's worst natural disaster since 2004 weighed on the currency, the dealers said.
Dollar/rupee forwards, known as spot next, ended at 148.20/30 per dollar, hardly changed from Monday's close of 148.20/50. Spot next, which acts as a proxy for spot currency, indicates the exchange rate for the day following conventional spot settlement, which is three days ahead for Tuesday's trade.