Sri Lankan rupee rises

The Sri Lankan rupee closed higher on Thursday, helped by exporter dollar conversions, but expectations of higher seasonal imports and a pickup in motor vehicle buying after taxes were slashed in last week's budget weighed on the local currency, dealers said. The spot rupee, which touched a low of 153.88 per dollar in early trade, closed at 153.60/75 per dollar, compared with Wednesday's close of 153.75/85.
"When the rupee touched 153.88 level, exporters started to convert dollars. There was a market correction also after two days of falls," a currency dealer said requesting anonymity.