Rupee falls on importer dollar demand

15 October 2015 03:52 am Views - 1089

REUTERS: The Sri Lankan rupee ended weaker yesterday due to demand for the greenback from importers and weak exporter dollar sales, dealers said.
Dealers said dollar sales by a bank in the latter part of the day prevented a sharp fall in the local currency.

The rupee, which hit a low of 141.00 per dollar during the day, ended at 140.85/90 per dollar. The currency ended at 140.55/60 per dollar on Tuesday. “The demand (for dollar) is building up slowly. 

We have seen this week again the demand is picking up, maybe the seasonal import demand,” said a currency dealer who asked not to be named. The rupee hit a record low of 141.40 per dollar on September 28, but recovered slightly after a state-run bank sold dollars. Dealers said importer dollar demand has fallen following government measures to discourage vehicle imports but the seasonal imports are expected to pick up.