Rupee ends flat; stocks edge up

REUTERS: Sri Lanka’s rupee closed flat yesterday, with foreign outflows from government securities showing a declining trend, while equities ended a tad firmer.

The rupee ended flat at 180.25/45 per dollar ahead of a long weekend. The currency gained 0.33 percent this week and is up 1.3 percent this year.
Markets are closed for a Buddhist religious holiday today. 

Foreign investors sold government securities worth Rs.500 million in the week ended Sept. 4, data showed, extending the year to date net foreign outflow to Rs.53.7 billion through Sept. 4, Central Bank data showed. 

The weekly outflow last week, however, was far less than the average weekly outflow of Rs.12.85 billion in the previous two weeks. 

Meanwhile, the benchmark stock index ended 0.08 percent higher at 5,825.54. The bourse is up 0.47 percent for the week. 

Investors have been in a wait-and-watch mode since the main opposition party named a hardline former defence chief as its presidential candidate. 
So far this year, the stock index has dropped about 3.8 percent. 

Equity market turnover was Rs.581.7 million (US$3.23 million), compared with this year’s daily average of about Rs.647.8 million so far. Last year’s daily average was Rs.834 million. 
Foreign investors sold a net Rs.238.1 million worth of shares, extending the year-to-date net foreign outflow to Rs.2.11 billion worth of equities, according to index data.