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Rupee tad firmer, exporters sell dollars
Wednesday, 21 September 2005 - 2:00 AM SL Time
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The Sri Lanka rupee closed a shade firmer on Tuesday as exporters sold dollar earnings and investors set their sights on a looming November presidential election.
The rupee closed at 101.41/101.43 (buy/sell) against the dollar, compared to Friday`s 101.42/101.44.
`There were a lot of (dollar) sellers in the market, but two state banks are buying quite a bit which is supporting it at these levels,` said one Colombo-based dealer.
Traders said a policy rift between outgoing President Chandrika Kumaratunga and her party`s presidential nominee, Prime Minister Mahinda Rajapakse, was also helping support the rupee because it appeared to strengthen the election chances of market-favourite and Ex-Prime Minister Ranil Wickremesinghe.
Call money rates transacted in the brokers` market were at 10.288 percent.
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