Rupee steady in dull trade; stocks rise

REUTERS: The Sri Lankan rupee was steady in thin trade yesterday as dollar demand from importers was offset by selling of the US currency by exporters, dealers said, a day after the Central Bank revised the spot reference rate by 10 cents to a record low.
Rupee forwards were active, with two-week forwards trading at 150.90/95 per dollar at 0549 GMT. Two-week forwards closed at 150.90/151.00 on Wednesday.
The spot rupee was quoted around the Central Bank’s revised reference level of 150.25, dealers said.
“There is no big demand and no big supply,” a currency dealer said, asking not to be named.
“The rupee will be under pressure (to depreciate) as we will be getting seasonal (import) demand in a month or two. There is no reason for it to appreciate unless the country gets a large inflow.”
An index tracking the dollar against a basket of major currencies slid to a seven-week low of 99.793 yesterday.