Ru­pee ends slightly firmer on in­ward re­mit­tances

Daily Mirror (Sri Lanka) - - SPORTS -

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, deal­ers­ers 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.

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