Sri Lanka rupee weaker on importer dlr demand; stocks steady

July 30, 2012
By

COLOMBO, July 30 (Reuters) – Sri Lanka‘s rupee ended

weaker on importer demand for dollars on Monday while the island

nation’s stock market inched higher on retail buying.

The rupee closed at 131.70/132.10 against the dollar from

Friday’s close of 131.50/70. Three currency dealers said a state

bank sold dollars, preventing the rupee weakening further.

The stock market edged up on retail buying in light volumes

ahead of a Tuesday meeting with Treasury Secretary P.B.

Jayasundera to discuss some policy changes that could boost an

ailing bourse which has fallen 18.8 percent so far this year.

The meeting follows a July 20 meeting by President Mahinda

Rajapaksa, who is also the country’s finance minister, to

discuss issues related to trading.

The Colombo Stock Exchange‘s main index edged up 0.05

percent, or 2.42 points, to 4,935.51. The day’s turnover of

288.2 million rupees ($2.18 million) was well below this year’s

daily average of 895.2 million rupees.

Foreign investors were net buyers for a seventh straight

session on Monday, buying a net 1.2 million rupees worth of

shares, extending the net foreign inflow so far this year to

24.1 billion rupees.

($1 = 132.0000 Sri Lanka rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Jeremy

Laurence)

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