Sri Lanka currency steadies on exporter dollar sales

COLOMBO: The Sri Lankan rupee firmed marginally as exporters sold dollars, but it still ended near a 10-month closing low.
The rupee finished at 131.55/65, recovering from Friday’s close of 131.60/70. On Thursday it hit its lowest close since Sept. 19 of 131.65/75.
“Exporter flows helped the rupee to strengthen with less demand for dollars,” said a currency dealer.
Dealers expect the rupee to move in a range of 131.50 to 132 in the short term and said the currency would continue to depreciate unless the central bank took some monetary tightening measures.
The rupee has fallen 4 percent since June 7 as foreign investors pulled out of Sri Lanka’s treasury bonds due to a rise in US treasury yields.