Rupee ends flat in dull trade

REUTERS: The Sri Lankan rupee closed steady yesterday as year-end remittances and selling of the U.S. currency by exporters outweighed importer dollar demand, dealers said.

The spot rupee ended at 153.00/10 per dollar, unchanged from Monday’s close.

“The trading was very thin and there was not much demand. The importer demand was offset by the remittances and exporter conversions,” a currency dealer said, asking not to be named.

The rupee has lost 2.3 percent so far this year, but currency dealers say 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.

Foreign investors have net bought equities worth Rs.18.53 billion this year as of yesterday’s close. They had bought government securities worth a net Rs.60.4 billion as of December 6, official data showed.