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Sri Lankan rupee forwards weaker

Sri Lankan rupee forwards ended weaker on Thursday due to importer dollar demand despite moral suasion by the central bank, while exporters awaited direction from a supplementary budget, dealers said. Currency dealers said the rupee may depreciate because of an expected increase in consumption after a raft of tax reductions on key commodities in the budget.

Fears of depreciation kept exporters away from the market, resulting in the currency's fall and leading the central bank to cap four-day forwards at 133.00 and one-week forwards at 133.50, dealers said. One-month forwards ended at 134.00/10 per dollar compared with Wednesday's close of 133.90/80. One-week forwards ended at 133.50/60 per dollar, unchanged from Wednesday's close of 133.50/60, while four-day also ended unchanged at 133.00/133.40 per dollar. "The currency will be under pressure with the increase of disposable income from the budget," said a dealer.

Copyright Reuters, 2015


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