Rupee ends firmer on dollar remittances

REUTERS: The Sri Lankan rupee closed stronger yesterday on dollar sales by exporters and year-end remittances, dealers said.

The spot rupee ended at 153.25/35 per dollar, compared with Tuesday’s close of 153.30/40.
The rupee has lost 2.4 percent so far this year, but currency dealers say the dollar demand has slightly waned, lending support to the rupee.

The market has been waiting for more clarity over a foreign exchange management act introduced by the government last month.

Central Bank Governor Indrajit Coomaraswamy said the new act would decriminalise offences related to foreign exchange trading and impose fines instead.

Foreign investors bought equities net worth Rs.18.6 billion this year, as of Tuesday’s close. They bought government securities net worth Rs.49.2 billion as of November 29, official data showed.