The Sri Lankan rupee ended weaker on Monday as importer dollar demand surpassed greenback sales by exporters, dealers said. Rupee forwards were active, with two-week forwards ending at 150.90/151.10 per dollar, compared with Friday's close of 150.85/151.00.
The dollar, however, traded weaker against major currencies on Monday after US President Donald Trump struck a protectionist tone in his inauguration speech, offsetting optimism that he will follow through on promises of tax cuts and other stimulus.
The spot rupee was quoted around the central bank's reference level of 150.15, dealers said.
"There was continued pressure (on the rupee) due to (dollar) demand from importers of commodities and petroleum," a currency dealer said, asking not to be named. Dealers also said exports could be hurt as severe drought hit the production of tea and other commodities.
Comments
Comments are closed for this article.