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Last Updated : 2023-03-25 08:58:00
REUTERS: The Sri Lankan rupee traded weaker yesterday on dollar demand from importers and foreign banks as foreign investors sold government securities amid concerns of further depreciation in the rupee, dealers said.
Rupee forwards were active, with one-month forwards trading at 153.00/40 per dollar 0520 GMT, weaker from Friday’s close of 152.70/80. Two-week forwards, which had been actively traded, did not trade yesterday, but was quoted at 152.00 per dollar. It ended at 151.80/152.00 per dollar on Friday.
“We see some foreign banks buying (dollars). There is also importer (dollar) demand as they are buying fearing further depreciation (in rupee),” said a currency dealer, requesting not to be named.
Sri Lanka could face balance-of-payments pressure due to foreign outflows from government securities, a government document showed on Thursday, even as the island-nation is in the process of raising up to US$ 2.5 billion from
foreign borrowing.
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