Lankan Rupee hits record low The Sri Lankan Rupee hit a record low as the selling price reached 162.11 against the dollar on Friday (24).
According to reports, importer dollar demand and foreign outflows from government securities weighed on the currency.
The rupee closed at 160.73/83 per dollar in thin trade yesterday, compared with Tuesday’s close of 160.60/70.
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The markets were closed on Wednesday for a holiday.
Reuters said the local currency surpassed its earlier record of 160.65 hit in the previous session.
The currency has declined 4.7 percent so far this year.
An analyst told Reuters “Generally, September is a month when we see a lot of imports for the year-end. So, we think the rupee will be under pressure.”
Absence of dollar conversions by exporters and outflows from equities pushed the rupee lower.
Dealers said exporters are holding on to dollars as they expect the local currency to decline further.
Asian currencies fell against a resurgent dollar yesterday as investors awaited U.S. Federal Reserve Chair Jerome Powell’s speech today for fresh cues.
