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Published on Tuesday, 16 September 2014 12:17
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SLRupees 410px 14 09 16The Sri Lankan rupee traded firmer on Monday, recovering from the previous session's near-7-week low as remittances and dollar sales by exporters helped boost the local currency amid a lack of importer demand for the greenback, dealers said.

The rupee was traded at 130.26/30 per dollar at 0615 GMT, compared to Friday's close of 130.29/31, its lowest close since July 21.

"The (importer) demand which we have seen last few days is not there," said a currency dealer, asking not to be named.

Dealers said there has been a pick-up in imports ahead of the 2015 budget scheduled for November, but they expect the rupee to appreciate in the long term.

The central bank will absorb the proceeds of National Savings Bank's (NSB) $250-million bond sale, an official at the banking regulator said on Wednesday. Foreign investors bought a net 3.2 billion rupees ($24.57 million) worth of government securities in the week ended Sept. 10, official data showed. At 0623 GMT Sri Lankan shares were down 0.44 percent at 7,186.95, slipping from their highest since June 10, 2011.

Stockbrokers attributed the fall to a market correction and profit-taking.

Turnover stood at 579.9 million Sri Lankan rupees (4.45 million US dollar), with 39.9 million shares changing hands.

(brecorder.com)

Last Updated on Tuesday, 16 September 2014 12:17