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Sri Lanka Dollar lower dollar to buy the bank; Amass

The Sri Lanka rupee is weaker negotiated on Wednesday due to banks' demand for dollars to facilitate continued exodus of foreign investors into government securities through a request from importers for the dollar, brokers said.

The central bank on Tuesday revised the benchmark rupees index at a record 150.75 level of 150.50 while pressure down, brokers said.

The front of the rupee were active, with forward two weeks trading at 151.30 / 35 per dollar at 0454 GMT, compared with Tuesday's close to 151.22 / 32.

"There is demand for dollars from local banks for all imports and foreign banks to facilitate foreign obligations to the outside," he said a foreign exchange broker asking not to be named.

Central bank officials are not available to comment.

The central bank maintained its key rates unchanged Tuesday for the sixth consecutive month, but noted possible "corrective measures" in the coming months in sign of further tightening could be on the cards to temper inflationary pressures and preserve a fragile rupee.

The rupee has weakened by 0.5 percent so far this year and has been under pressure due to increased imports and net sales of government securities by foreign investors, while the central bank has declared currency Defending foreign exchange reserves does not seem reasonable.

Foreign investors have sold 26.6 trillion rupees (177.10 million US dollars) of government bonds in the four weeks to 1 February, according to the latest data from the central bank.

Sri Lanka shares rose 0.2 percent to 6,106.72, from 0502 GMT. Turnover was Rs.171.1 million ($ 1.14 million).

 
 

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