Sri Lankan rupee forwards trade weaker on importer dollar demand

May 24, 2016 6:52 AM

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COLOMBO May 24 Sri Lankan rupee forwards edged down on Tuesday as dollar demand from importers surpassed dollar selling by banks, with the currency expected to weaken on an expected increase in government spending after days of torrential rain caused flooding.

On Monday, the government said the cost of landslides and floods will be between $1.5 billion and $2 billion at the minimum, as the Indian Ocean island struggles to recover from its worst natural disaster since the 2004 Asia tsunami.

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