Sri Lankan rupee slips, CB expects stability

Sri Lanka’s rupee closed a tad weaker on Wednesday in spite of a state bank’s dollar sales and a central bank forecast of a firmer rupee in the coming weeks due to dollar inflows. The rupee closed at 130.25/130.50 a dollar, weaker than on Tuesday’s close of 129.90/130.00. It hit a record low against the dollar of 131.60 on Monday mainly due to importer demand for greenbacks for the forthcoming April festive season. Three currency dealers said a state bank sold dollars at 131 to keep the rupee stable. However, state-run Bank of Ceylon, through which the central bank usually directs the market, said the dollar sale was from worker remittances.