The Sri Lankan rupee ended stronger on Friday on exporter dollar conversions, inward remittances and foreign buying of government securities, as Prime Minister Ranil Wickremesinghe surviving a no-confidence motion earlier this week boosted sentiment, dealers said.
Wickremesinghe won a no-confidence vote in parliament late on Wednesday as a majority of legislators voted to support his coalition government.
Sri Lanka's central bank unexpectedly cut its key lending rate by 25 basis points on Wednesday, as policy makers sought to revitalise an economy growing at its weakest pace in 16 years. The rupee, which traded at 155.65 per dollar earlier in the session, closed 0.2 percent firmer at 155.35/45 per dollar, compared with Thursday's close of 155.50/60. The rupee gained 0.1 percent during the week.
"There was importer (dollar) demand in the morning, but there were inflows today... inward remittances, exporter dollar conversions to pay salaries ahead of festival and some inflows to government securities too," said a currency dealer.
Comments
Comments are closed for this article.