Rupee ends slightly firmer on inward remittances
The Sri Lankan rupee snapped a foursession decline to end slightly firmer yesterday, as dollar inflows due to inward remittances surpassed greenback buying by banks on behalf of oil importers, dealers said.dealers said the rupee was under pressure due to dollar demand from state-run Ceylon Petroleum Corp, which stocked up crude ahead of an expected fuel price hike.
The spot rupee which traded at 153.80 during the day ended at 153.65/75 per dollar, firmer from Thursday’s close of 153.72/80.
“The demand was there all through the day. State banks were not that active today and the rupee ended firmer due to inward remittances,” said a currency dealer, who requested anonymity. Crude prices are expected to rise in the country after private fuel retailer Lanka IOC informed local media it is likely to increase rates as they have been selling at a loss.