Both stock and money markets were closed on Tuesday for a Buddhist holiday.
The rupee hit another in a series of record lows on June 28, at 134.30.
"The rupee appreciated a bit due to exporter dollar conversions," said a currency dealer on condition of anonymity. "The rupee may rise further as imports will decline due to continuously rising interest rates."
Yields in 91-, 182- and 364-day T-bills edged up to three-year highs at a weekly auction.
Sri Lanka's central bank has taken several stringent policy measures this year aimed at cutting imports, including raising policy rates twice to two-year highs and restricting credit growth, though a prolonged drought has increased oil imports for thermal power.
Dealers expect pressure on the rupee to ease if the central bank stops aggressive dollar buying. The central bank, which was a big buyer of dollars last month, told Reuters on Friday that Sri Lanka had met all June-end IMF targets for the last tranche of a $2.6 billion loan.
The rupee has lost 17.5 percent of its value since November, when the government allowed a 3 percent devaluation. The sharp fall drove the annual inflation rate to a 41-month high in June, data showed on Friday.