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Sri Lankan five-day rupee forwards were trading weaker yesterday as importer dollar demand surpassed greenback sales by exporters, while dollar sales by a state bank limited the fall, dealers said, Reuters adds from Colombo.
The forwards, known as spot next and which acts as a proxy for the spot currency, traded at 145.40/70 per dollar weaker from Friday’s close of 145.20/40.
“There are no conversions from remittances and exporters; but the moderate demand (for dollars) is still there,” said a currency dealer requesting not to be named.
“A state bank was seen selling dollars to select trades at 145.15, which prevented the fall,” he added.
The spot rupee, which barely witnessed any trading since Jan. 27, was not actively traded yesterday as well.
Arjuna Mahendran, governor, Central Bank of Sri Lanka, said the rupee has been gradually settling down, with less intervention by the banking regulator.
Dealers say an anticipated IMF loan, a tax hike, and less borrowing will help stabilise the currency.
Sri Lanka will stop excess government borrowing in a bid to get out of a debt trap, and it hopes for cheaper loans after a deal with the IMF is finalised, Mahendran said last Tuesday.
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