The Sri Lankan rupee on Friday closed weaker due to a surge in importer demand for the US currency amid seasonal imports ahead of the year-end festive season and on dollar buying from a foreign bank, dealers said. The market expects higher seasonal imports and a pickup in motor vehicle buying after taxes were slashed in last week's budget weighed on the local currency, they said.
The spot rupee, which was earlier traded steady amid exporter dollar conversions, closed at 153.75/8 per dollar, compared with Thursday's close of 153.60/75. "There were exporter dollar conversions in early trade. But suddenly we saw a surge in dollar demand as a foreign bank started buying dollars, probably for bond selling and other banks bought for general imports," a currency dealer said requesting anonymity.
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